Solana has surpassed all other blockchains combined in weekly chain royalties from NFTs. According to SolanaFloor, a Solana news source, Solana earned $374,000 in royalties, capturing 55% of the total royalties for all blockchains. This is a significant lead considering total royalty revenue from NFTs reached $678.6K.
Source: https://t.co/ay4jllEp0O
— SolanaFloor (@SolanaFloor) October 14, 2024
Ethereum trails Solana in NFT royalties, earning $212,000
Ethereum is second on the list with $212.9K in royalties and has 31% of the market dominance. Although Ethereum reigns supreme in the NFT market, its revenues are significantly lower than Solana, indicating Solana’s increasing use in the NFT market.
This is followed by Polygon with $73.6K in royalties, which equates to an 11% market share. Its share indicates that blockchain is still relevant in the NFT market, but only outperforming Solana and Ethereum.
Base Blockchain Earns $17.7K in NFT Royalties
The smaller blockchain Base received $17.7K in royalties while owning only 3% of the total. Although small, it indicates the sheer number of blockchains involved in the NFT market.
Solana’s royalty dominance is yet another achievement for the blockchain and has placed it firmly on the NFT map. Some of the reasons that can be attributed to the success of the platform are low transaction fees and fast processing time. Since Solana is still moving faster than its competitors, it can be said that this platform is gradually becoming a leader in the actively developing market of NFTs.
