DappRadar, a platform that provides information and insights about all the existing decentralized applications (DApps), has stated that Solana (SOL) could potentially surpass Ethereum (ETH) as the leading blockchain in the non-fungible tokens (NFT) markets due to its low gas fees and entry barriers.
In a new report, DappRadar reveals that Solana is recording outstanding performance in the NFT space despite the overwhelming downturn in the crypto market.
Although there is a decline in the trading volume of other blockchains, including Ethereum (ETH), Solana (SOL) trading volume has been increasing, says DappRadar.
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The report also says that Solana (SOL) also outperformed other blockchains in terms of sales count.
DappRadar’s report reads in part:
“Solana and Avalanche emerged as the clear winners with an increase in trading volume (despite the crypto pullback) of 21% and 15%.
Incumbent blockchains such as Ethereum, Binance Smart Chain (BSC), and Polygon (MATIC) suffered heavy losses of 41%, 22%, and 59%. While absolute, the low point was reached for Flow and Ronin, which saw a pullback of 71% and 84%…
“Despite the depreciation of many tokens, the trading activity persisted on many blockchains. Solana, again as the clear winner, almost doubled its sales count by 98%, while Ethereum and BSC stayed pretty much on par with 2% and -4%, respectively. The same could not be said for the rest of the blockchains, which suffered losses of up to 75%…
“Although Ethereum has historically been the primary blockchain for NFTs, Solana has been growing as a viable alternative for new NFT projects due to relatively low gas fees and low barriers to entry.
“Magic Eden, the leading marketplace for Solana-based NFTs, has seen a record influx of traders due to the launch of many successful Solana-based collections like Okay Bears. The Solana marketplace DApp boasts 0% listing fees and only 2% trading fees. This quarter, Magic Eden accounted for 10% of all NFTs transactions.”