In line with a latest retweet by Santiment, evidently the quantity of Solana-based NFTs exceeded that of Ethereum. Effectively, in actuality, the quantity differs with a tiny but crucial issue.
It’s Solana and never Ethereum
The amount charted within the tweet will not be calculated in USD however within the blockchain’s native token. Thus, regardless of Ethereum observing solely 550k ETH value of NFT transactions, the whole quantity exceeds $550 million. Nevertheless, 1.3 million SOL value 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, under no circumstances did Solana’s NFT surpass that of Ethereum. Effectively, besides on one entrance. The overall transactions carried out all through the week on Ethereum got here as much as a bit of below 500k, whereas Solana famous virtually 630k transactions this week alone.
This 32.6% greater exercise on Solana does present that decrease prices can entice greater utilization, however it doesn’t quantity to a lot.
On the macro time-frame, Solana’s NFT market has been observing a gradual decline when it comes to every day quantity.
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.
Notably, over the identical time interval, the every day NFT purchases on Solana have decreased by 78.85%. However Solana will not be alone on this, as OpenSea on Ethereum can also be experiencing the same conundrum.
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. In actual fact, 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 value of volumes. At this fee, by the tip of this month, {the marketplace} would solely report $344 million in transactions.
Apart from, with the broader market treading downwards, buyers will solely hold themselves farther away from NFTs, so the determine may find yourself being appropriate.