Meta Digest

Solana Gains Momentum as It Overtakes Ethereum in Daily NFT Trading Volume

Trippin' Ape Tribe pushes Solana to overtake Ethereum in the NFT space

The recent crypto market crash put Ethereum in a very tight spot, affecting the NFT space. However, while the once seemingly infallible cryptocurrency has been slowly declining, Solana has been moving up the ranks, with NFTs leaning more towards the cryptocurrency.

In over 24 hours, the Solana network yielded a better NFT volume than Ethereum. CryptoSlam’s data showed that Solana’s secondary market sales generated a total of nearly $24.3 million. In comparison, Ethereum sales added up to $24 million in the same span across all the marketplaces it tracks.

Although it seems like a modest difference between the two platforms, the event marked the first time that the smaller Solana market overtook Ethereum in terms of dollar amount generated via sales in a 24-hour timeframe. CryptoSlam reads that Solana NFT sales were up at an incredible 436% compared to the previous window. 

A contributing factor is the launch of Solana’s new NFT profile picture project, Trippin’ Ape Tribe. Launched on Magic Eden on Tuesday, the collection bears strong similarities to Ethereum’s Mutant Ape Yacht Club, producing 10,000 uniquely generated illustrations of apes with psychedelic visual features. The project’s secondary market sales skyrocketed following Tuesday’s initial mint.

The Trippin’ Ape Tribe was single-handedly responsible for raking in over $14.5 million for Solana during the span, CryptoSlam reported. The surge in sales made the project the most popular during the window, pulling up ahead of other Ethereum and Solana projects by a wide margin. Ethereum’s Bored Ape Yacht Club followed behind with $3.5 million in sales.

Last month, Okay Bears was the first Solana project to lead the list, a feat it hasn’t been able to repeat in the weeks that followed. Trippin’ Ape Tribe is the only other Solana NFT project to take the 24-hour throne above other Ethereum and Solana collections. The NFTs can be found on the Magic Eden marketplace with a price of 54 SOL or $2,600.

Solana overtaking Ethereum in 24-hour NFT trading volume is the latest sign that the Solana market is hitting its stride. While Okay Bears was a key signal, the collection is now topping $100 million in secondary sales in less than a month. Additionally, leading Solana NFT marketplace Magic Eden has overtaken OpenSea in terms of weekly users and transactions.

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