Report: Solana (SOL) Becoming a Force to Challenge Ethereum in NFT Markets

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.”

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Tobi Loba

Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.