thecoinrepublic.com
The waves have changed their direction in the NFT space lately. While Solana NFTs are experiencing growth with each passing day, the high value of the Ethereum NFT market has decreased in the last few weeks.
The Solana network generated more NFT volume than Ethereum a couple of days ago.
The secondary market sales of Solana NFT have yielded around $24.3 million while at the same time the sales of Ethereum added up to $24 million during the same period overall the marketplaces it tracks, as of 23rd May, according to the data from CryptoSlam.
Though the difference is not quite significant, it is the first time that the Solana market has outperformed Ethereum in terms of dollar amount generated through sales in 24 hours. CryptoSlam data reveals that there was an increase of 436% over the 24 hours in comparison to the previous window.
The launch of the new Solana NFT profile picture project dubbed Trippin’ Ape Tribe is being hailed as the reason behind this rise. The project was launched on Tuesday.
With 10,000 uniquely generated illustrations of apes marked by an array of surreal visual features, the style of the project mirrors that of Ethereum’s Mutant Ape Yacht Club. After the initial mint on Tuesday, the Secondary market sales for the project soared high.
Meanwhile, the Okay Bears NFT project of Solana topped all Ethereum NFT projects in a single day. According to CryptoSlam, The Trippin’ Ape Tribe alone accounted for more than $14.5 million of that Solana.
Okay, Bears became the first project of Solana to top the list, last month. Not only that, it even repeated the feat in the coming weeks. Trippin’ Ape Tribe became the only other Solana NFT project to take lead in the 24 hours among other Ethereum and Solana collections.
Solana overtaking Ethereum in the 24-hour trading volume represents the expanding Solana market. Okay, Bears’ rise was another major indicator as the collection topped $100 million in secondary sales in the period of less than a month.
In addition, Magic Eden, the Solana marketplace has outperformed OpenSea, the top Ethereum marketplace in terms of weekly transactions and users. It is also important to note that the transaction fees on Solana are just a fraction of Ethereum’s, hence allowing users to be able to do affordable things such as list and unlist NFTs.
Recently, OpenSea declared that it’s adding support for Solana NFTs, however, they are yet to claim a significant share in that space. The majority of sales volume for the Solana market is generated through Magic Eden.