Solana emerges as a formidable threat to Ethereum’s throne as the network looks to outshine it from different angles.
Ethereum has long reigned over the NFT sector.
Solana recently overtook Ethereum in NFT sales.
Solana’s uprising could signal a massive shift in industry dynamics.
Solana’s incredible performance this year has positioned the project as a formidable threat to Ethereum’s reign as the network turns heads with its on-chain and trading activity.
After successfully surpassing Ethereum in on-chain activity, Solana outshines its rival in another important metric, NFT sales.
Solana Outpaces Ethereum
Ethereum has ruled the NFT industry for years with its trading volume, projects, user adoption, and more. However, considering its persistent issues like network congestion and rising fees, its dominance is proving fleeting as competitors like Solana close the gap.
Following Solana’s historic run this year, registering over 800% in gains and marking record DEX volumes and network transactions, the network surpassed Ethereum in NFT sales on December 9 after hosting over $16 million.
Bitcoin and Ethereum trailed closely behind with $13.4 and $11.4 million in sales, respectively. Although Solana remained the second-largest NFT protocol at the time of writing, its trajectory signals a credible threat to Ethereum’s throne.
Solana’s success in the NFT sector aligns with investors and developers slowly warming up to the network and recognizing its potential. While the network is still miles behind Ethereum when considering historical data, Solana’s uprising could signal a massive shift in the industry’s market dynamics.
On the Flipside
Solana’s NFT sales are still far below their 2022 levels. In June 2022, Solana registered more than $1 billion in NFT volume.
Ethereum’s all-time NFT sales have reached $41 billion, while Solana’s total NFT sales amount to $4 billion.
Why This Matters
Solana overtaking Ethereum signals a potential shift in industry dynamics. Ethereum has long been the dominant force in the NFT sector, boasting high volumes, adoption, and sales. However, Solana is slowly closing the gap and giving the network a run for its money.