Did Solana actually surpass Ethereum with 136% higher NFT volume

Based on a latest retweet by Santiment, evidently the quantity of Solana-based NFTs exceeded that of Ethereum. Nicely, in actuality, the quantity differs with a tiny but crucial issue.

It’s Solana and never Ethereum

The amount charted within the tweet shouldn’t be calculated in USD however within the blockchain’s native token. Thus, regardless of Ethereum observing solely 550k ETH price of NFT transactions, the full quantity exceeds $550 million. Nevertheless, 1.3 million SOL price of NFT transactions, solely quantities to $43.39 million.

Put merely, under no circumstances did Solana’s NFT surpass that of Ethereum. Nicely, besides on one entrance. The entire transactions carried out all through the week on Ethereum got here as much as a little bit underneath 500k, whereas Solana famous nearly 630k transactions this week alone.

This 32.6% larger exercise on Solana does present that decrease prices can entice larger utilization, but it surely doesn’t quantity to a lot.

Solana NFT transactions this week | Supply: Nansen

On the macro time-frame, Solana’s NFT market has been observing a gradual decline when it comes to each day quantity.

Within the final two months, the best quantity famous on MagicEden, the NFT market, which dominates 98.5% of all Solana NFT quantity, was 380k SOL ($12.6 million) that too again in Could.

Solana each day NFT quantity | Supply: Dune – AMBCrypto

Notably, over the identical time interval, the each day NFT purchases on Solana have decreased by 78.85%. However Solana shouldn’t be alone on this, as OpenSea on Ethereum can also be experiencing the same conundrum. 

Solana each day NFT purchases | Supply: Dune – AMBCrypto

The each day quantity of NFT transactions on Ethereum from their peak of $476 million in Could, dropped to only $15 million on 3 July. In actual fact, the dropoff in transaction quantity from April to Could was surprisingly excessive as figures sank from $2.59 billion to $696 million.

Moreover, as of press time this month, OpenSea has already registered $43 million price of volumes. At this charge, by the tip of this month, {the marketplace} would solely report $344 million in transactions.

Opensea month-to-month NFT quantity | Supply: Dune – AMBCrypto

Moreover, with the broader market treading downwards, traders will solely preserve themselves farther away from NFTs, so the determine may find yourself being appropriate.

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