According to data supplied by NFT data portal CryptoSlam, total transaction volume for Solana-based non-fungible tokens has surpassed $1.5 billion. It was able to reach the new milestone only a few months after breaking the $1 billion barrier for the first time. With 314,910 buyers and 260,844 sellers, NFTs issued on Solana have created almost two million transactions. Last September, a Degenerate Ape Academy NFT sold for $1 million, a first for Solana, which now joins the ranks of eminent Ethereum-based NFT ventures like CryptoPunks.
Solana sprang to prominence in 2021 as a low-cost alternative to Ethereum, which is still plagued by high transaction fees and sluggish transaction speeds. It has seen a 55.34 percent increase in NFT sales in the last week, according to CryptoSlam data. JPMorgan projected earlier this year that it may potentially outperform Ethereum in the NFT market, despite the fact that the latter is less decentralised. It is, nevertheless, unable to compete with the market leader. Ethereum has made a staggering $21 billion in sales.
Solana also lags behind Axie Infinity’s Ronin, the beleaguered sidechain solution that was recently hacked and lost $540 million. Support for Solana is being worked on by NFT markets. OpenSea, the network’s kingpin, is anticipated to include the “Ethereum killer” as early as April, potentially boosting the network’s popularity significantly. Last year, rumours regarding the addition began to circulate. Meanwhile, SOL, the Solana’s network native coin, has eclipsed the market cap of Ripple-affiliated XRP to become the sixth largest cryptocurrency. On major spot markets, the cryptocurrency is now trading at $133.
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