Solana just overtook Ethereum in daily NFT sales volume for the first time

Amid the broader crypto market slump over the past few months, many investors may have missed a major milestone that Solana (FLOOR -2.99%) and the Solana non-fungible token (NFT) ecosystem just hit – Solana generated more revenue in NFT sales over a 24-hour period than Ethereum (ETH -0.21%) for the first time.

Ethereum is the £800 gorilla in the room when it comes to NFTs, with projects like Crypto Kitties, Crypto Punks, and Bored Ape Yacht Club elevating NFTs into non-cryptographic consciousness for the first time. With world famous figures like rapper Jay-Z buying a CryptoPunk and Brazilian soccer star Neymar buying a Bored Ape, Ethereum ushered in NFTs in their moment of arrival on the global stage.

Image source: Getty Images.

Milestone

Given the great shadow Ethereum is casting over the crypto space, it was telling to see Solana overtake Ethereum in daily sales volume from May 24th to the morning of May 25th, with Solana edging out Ethereum with $24.3 million. of sales to Ethereum. $24 million for the day, according to data from CryptoSlam.

Solana topped Ethereum for the day, largely due to the release of a high-profile project called Trippin’ Ape Tribe. This project also topped all other individual NFT collections in sales for the day at $14.5 million. But this wasn’t the first time an individual Solana collection topped the daily charts for an individual NFT collection. In late April, another popular project, Okay Bears, became the first known non-Ethereum NFT to lead all NFT collections in sales within a 24-hour period, with $18 million in sales on April 27.

Increased access

These milestones may become more common in the near future. OpenSea, the world’s largest NFT marketplace, valued at $13.3 billion in a recent fundraising round, recently began supporting Solana’s NFTs. OpenSea previously served exclusively as a marketplace for Ethereum and later Polygon (MATIC -0.45%) NFT. Soon after, OpenSea competitor Rarible quickly followed OpenSea’s lead and enabled Solana NFTs on its platform.

While these newcomers will provide access to Solana’s NFTs to a wider group of collectors and investors, they will also compete with Magic Eden, Solana’s already thriving NFT marketplace. Venture capitalist Li Jin recently discovered that Magic Eden had more weekly users than OpenSea in the previous seven days, as well as higher trading volume, although OpenSea still leads the way. terms of total earnings for the week.

What does it mean?

Given the history and high prices that many Ethereum NFTs boast, Solana is unlikely to definitively overtake Ethereum as the top blockchain for NFT sales – at least not yet. But it is a sign that Solana’s NFTs are gaining momentum and that Solana is firmly establishing itself as a legitimate rival to Ethereum in the NFT sphere as it gains popularity among the general public.

According to data from CryptoSlam, Solana generated approximately $330 million in NFT sales in the past 30 days, compared to $3.1 billion in Ethereum NFT sales. Solana has established itself as a major player, but it still has a long way to go to catch up with Ethereum; this can also be seen as a positive as it has plenty of room to grow. While Ethereum is 10 times larger than Solana in terms of monthly sales, Solana eclipses the next most popular blockchain, To flow (TO FLOW -1.21%), the home of NBA Top Shot NFTs, which gross just under $23 million. The popularity of these NFTs is also good for Solana as a whole, bringing new users into the Solana network.

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