Layer-1 Blockchain Is “Narrowing the Gap” With ETH for NFT Sector
According to new information from the crypto analytics company Messari, one layer-1 blockchain is outpacing Ethereum (ETH) in the non-fungible token (NFT) market.
Solana (SOL), the second-largest position in the NFT industry based on secondary sales volume, is second only to the Ethereum smart contract platform, according to a Messari research.
However, Solana is taking steps to challenge Ethereum’s hegemony in the third quarter.
“Despite the bear market, Solana’s strategy and position in the NFT sector remain strong. Solana remains the second-largest network in terms of secondary sales volume, behind Ethereum, and is narrowing the gap.
Though Ethereum still dominates roughly 80% of the secondary NFT market, Solana is closing the gap in sales volume. Ethereum’s dominance dropped from ~85% on average to ~80% over the quarter. Solana’s share rose from ~10% on average to just under 20%.”
According to the research, Solana’s total use decreased in the second quarter before stabilising in the third as its NFT ecosystem expanded.
“Unlike Solana’s DeFi sector that both decelerated and stabilised, its NFT ecosystem continued to grow. The total number of daily new NFTs increased to over 8 million, representing 19.3% growth QoQ (quarter over quarter). For perspective, this growth continued after increasing by 46.4% in Q2 and is ~8.5x the level minted a year ago.”
Solana is currently being exchanged for $30.69.
Comments
Post a Comment