Will Solana NFTs Surpass Ethereum?
Solana now ranks as the fourth-best NFT blockchain behind Ethereum, Ronin and Wax in terms of 24-hour sales volume.
Solana secondary NFT sales reached half a billion dollars in three months and has reached $500 million since the start of August alone.
According to data from CryptoSlam, secondary sales of Solana NFTs have allotted some 348,000 transactions , with the average sale per NFT sitting at $1,500.
Thanks to it’s average transaction fee of under $1, Solana is seen by some as an “Ethereum killer,” yet the Ethereum blockchain remains the most popular NFT platform with Ethereum topping $2.2 billion over the same time period.
Research analyst Mason Nystrom highlighted this vast discrepency on Twitter stating Ethereum still crushes Solana in total secondary sales
Solana’s top NFT project is the Degenerate Ape Academy, which has generated $105.9 million worth of secondary sales since its launch in mid-August.
The Bottom Line
Long term Ethereum will likely remain the de facto for high-end NFT sales where low fees doesn’t really matter since the deal sizes cant reach into the 7 and 8 figure ranges.
Solana is great for smaller artists and collectors who can’t afford $1,000,000 Ethereum gas fees for a single transaction, but for now Ethereum has a more luxury feel and trust in the higher end markets.