- SOL’s monthly NFT transactions were much higher than Bitcoin and Ethereum.
- ETH’s weekly sales volume increased, while SOL and BTC decreased.
Solana [SOL] continued to dominate the NFT ecosystem over the past month, followed by stalwarts like Bitcoin [BTC] And Ethereum [ETH].
Let’s take a deep dive into the performance of these blockchains in the NFT space to better understand who is actually leading the market.
Solana takes the cake
Coin98 Analytics recently released a tweet highlighting the performance of multiple blockchains in the NFT space.
According to the tweet, SOL was the market leader in terms of total unique merchants last month, as the number reached 308,000.
Solana was followed by Bitcoin and Ethereum, which had 129,000 and 74,000 unique traders respectively. Polygon [MATIC] And Aptus [APT] completed and also reached the top three of the same list.
Solana also outpaces the rest with a whopping 5.2 million monthly NFT transactions. On the other hand, BTC and ETH figures stood at 550,000 and 437,000 respectively.
AMBCrypto’s look at DappRadar’s facts revealed that STEPN, Mad Lads and Famous Fox Federation were the top 3 NFT collections on Solana over the past 30 days.
NodeMonkes, Bitcoin Puppets and RuneStone were the top three BTC collections.
Meanwhile, Bored Ape Yacht Club, Milady Maker, and Mutant Ape Yacht Club were in the top three on the Ethereum blockchain.
It was interesting to note that despite topping the chart, Solana’s monthly NFT sales volume dropped by more than 40%. AMBCrypto reported rather how BTC surpasses ETH in terms of monthly NFT sales.
However, a similar downward trend was also noted in BTC and ETH NFT sales volume, as they fell by 62% and 52% respectively.
Nevertheless, the number of SOL buyers and sellers increased by double digits, reflecting the high activity.
Source: CRYPTOSLAM
Over the past seven days, things have changed in terms of growth as ETH outperformed the rest. CRYPTOSLAM data showed that ETH’s NFT sales volume increased by 17% last week.
IMeanwhile, SOL and BTC numbers fell by 18% and 37% respectively. Notably, ETH also had the highest sales volume of over $40 million, while SOL’s number was the lowest at $14 million.
Source: CRYPTOSLAM
The state of SOL, BTC and ETH
As the NFT market witnessed a trend change last week, all prices of cryptos turned bullish.
On the one hand, the prices of BTC and ETH fell by 4.4% and 3.4% respectively, and on the other hand, SOL fell by almost 10%. At the time of writing, BTC was trading below $67,000.
From CoinMarketCapAt the time of writing, ETH and SOL were trading at $3,558 and $144 respectively.
Read Ethereums [ETH] Price prediction 2024-25
The bearish price action also took a toll on the social metrics of these cryptos.
AMBCrypto’s analysis of Santiment’s data showed that the weighted sentiments of SOL, BTC, and ETH fell, meaning that bearish sentiment around them was dominant in the market.
Source: Santiment