In line with a current retweet by Santiment, evidently the amount of Solana-based NFTs exceeded that of Ethereum. Nicely, in actuality, the amount differs with a tiny but important issue.
It’s Solana and never Ethereum
The quantity charted within the tweet is just not calculated in USD however within the blockchain’s native token. Thus, regardless of Ethereum observing solely 550k ETH price of NFT transactions, the entire quantity exceeds $550 million. Nevertheless, 1.3 million SOL price of NFT transactions, solely quantities to $43.39 million.
NFT quantity 🖼
Ethereum (left) vs Solana (proper) pic.twitter.com/WUsJFBxP58
— Alex Svanevik🐧 (@ASvanevik) July 3, 2022
Put merely, on no account did Solana’s NFT surpass that of Ethereum. Nicely, besides on one entrance. The whole transactions carried out all through the week on Ethereum got here as much as slightly underneath 500k, whereas Solana famous nearly 630k transactions this week alone.
This 32.6% increased exercise on Solana does present that decrease prices can appeal to increased utilization, however it 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 every day quantity.
![Can Ethereum [ETH] maintain its stability despite the hawkish circumstances?](https://viewmagazine.org/wp-content/uploads/2022/11/pexels-david-mcbee-730552-1000x600-120x86.jpg)
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 Might.
Solana every day NFT quantity | Supply: Dune – AMBCrypto
Notably, over the identical time interval, the every day NFT purchases on Solana have decreased by 78.85%. However Solana is just not alone on this, as OpenSea on Ethereum can be experiencing an analogous conundrum.
Solana every day NFT purchases | Supply: Dune – AMBCrypto
The every day quantity of NFT transactions on Ethereum from their peak of $476 million in Might, dropped to only $15 million on 3 July. Actually, the dropoff in transaction quantity from April to Might 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 fee, by the tip of this month, {the marketplace} would solely report $344 million in transactions.
Opensea month-to-month NFT quantity | Supply: Dune – AMBCrypto
Apart from, with the broader market treading downwards, buyers will solely preserve themselves farther away from NFTs, so the determine may find yourself being right.
![Can Ethereum [ETH] maintain its stability despite the hawkish circumstances?](https://viewmagazine.org/wp-content/uploads/2022/11/pexels-david-mcbee-730552-1000x600-350x250.jpg)
