Solana vs. Polygon: Top NFT Blockchains by Trading Volume

The latest $NFT report by DappRadar shows that Ethereum’s dominance of the $NFT market when it comes to $NFT sales has slipped to just 5.7%. DappRadar also highlighted that the drop in Ethereum’s $NFT sales dominance shows that the blockchain is primarily used by the $NFT aristocracy.

The report reveals that Solana is right behind Ethereum, bagging the second spot with a trading volume of $22.7 million. The Solana blockchain represents 6.7% of the total $NFT trading volume. It also has a 13% share of total $NFT sales.

With a remarkable trading volume of $18.2 million and an impressive 26.9% dominance in $NFT sales, Polygon has solidified its position as the most prominent blockchain in terms of sales count.

This achievement is a testament to Polygon’s recent strategic decisions, as it has become the preferred choice for numerous Web 2.0 projects aiming to launch $NFT initiatives at a low entry price. Additionally, Polygon’s ecosystem includes a multitude of games incorporating $NFT mechanics, such as Planet IX, The Sandbox, and Oath of Peak.

Polygon has also emerged as the most popular blockchain in 2023 so far. The data from $NFT Data shows that Polygon’s popularity went up from 23% in 2022 to 41% in Q1 2023. This has also attracted some notable industry players, including Nike, Reddit, and Starbucks.

The DappRadar data also showed that $NFT sales could drop below $1 billion in May. According to the data, the trading volume currently stands at $333 million from 2.3 million sales.