Meta Digest

Solana ($SOL) Becomes Top Competitor in NFT Sales Volume as It Surpasses $1.5 Billion

The Solana ($SOL) blockchain has become a top competitor in NFT sales volume as it surpasses the $1.5 billion mark in total sales volume after the network distanced itself from other Ethereum competitors like Polygon ($MATIC) and Avalanche ($AVAX).

According to CryptoSlam data, Ethereum leads NFT sales with over $21.8 billion worth of NFTs sold to 1.14 million buyers over 8.6 million transactions. Ronin, an Axie Infinity sidechain, follows.

With $1.6 billion in sales over 2.5 million transactions to 357,000 buyers, Solana is now third.

Flow follows closely with $1 billion in sales. It is the sidechain used for the popular NFT game NBA Top Shot.

Flow is followed by Polygon, WAX, and Avalanche. Other notable cryptocurrency networks are Tezos with $24 million in sales and Waves with $22.9 million.

Last month, nasdaq-listed cryptocurrency trading platform Coinbase announced that its Coinbase Wallet’s desktop extension added support for Solana and its SPL tokens.

Opera, a pro-cryptocurrency web browser, also added support in its built-in crypto wallet and web 3.0 browser for several major networks like Solana, Polygon, Ronin, Nervos, Celo, and IXO. 

Co-founder and president at Switzerland-based firm 21Shares AG, Ophelia Snyder, said in an interview with CryptoGlobe that some of its most successful products at the launch were products offering exposure to Solana and Polkadot.

21Shares AG is a pioneer in issuing cryptocurrency exchange-traded products (ETPs).

Analysts at JP Morgan, led by Nikolaos Panigirtzoglou, revealed in January that Ethereum is losing market share to rivals like Solana when it comes to NFTs.

The analysts wrote that just like with decentralized applications, “congestion and high gas fees” have been “inducting NFT applications to use other blockchains.” The analysts found that Solana has been a primary beneficiary as it has been seizing market share from Ethereum.