Solana has surpassed $1.5 billion in NFT gross sales, but it surely nonetheless has an extended option to go earlier than catching up with Ethereum
Complete transaction quantity for Solana-based non-fungible tokens has topped $1.5 billion, in response to knowledge supplied by NFT knowledge platform CryptoSlam.
Solana managed to realize the brand new milestone simply months after surpassing $1 billion for the primary time.
NFTs issued on Solana have generated over two million transactions with 314,910 patrons and 260,844 sellers.
Final September, an NFT from the Degenerate Ape Academy managed to fetch $1 million, a primary for Solana, becoming a member of the membership of such eminent Ethereum-based NFT initiatives as CryptoPunks.
Solana gained prominence in 2021, rising as a reasonable different to Ethereum, which continues to grapple with excessive transaction charges and comparatively gradual transactions.
Over the previous week, Solana has seen a 55.34% enhance in NFT gross sales, CryptoSlam knowledge exhibits.
Earlier this 12 months, banking behemoth JPMorgan predicted that Solana may doubtlessly outstrip Ethereum within the NFT sector although the previous is much less decentralized. Nevertheless, it’s nonetheless unable to carry a candle to the market chief. Ethereum has generated a whopping $21 billion value of gross sales.
Solana can be lagging behind Axie Infinity’s Ronin, the embattled sidechain answer that not too long ago misplaced a whopping $540 million to hackers.
As reported by U.In the present day, non-fungible token marketplaces are engaged on assist for Solana. Kingpin OpenSea is anticipated to combine the “Ethereum killer” as early as this April, doubtlessly giving an enormous increase to the community’s adoption. Rumors in regards to the addition began circulating final 12 months.
Within the meantime, SOL, the native token of the Solana community, has as soon as once more surpassed the market cap of Ripple-affiliated XRP, turning into the sixth greatest cryptocurrency. The cryptocurrency is presently sitting at $133 on main spot exchanges.