Solana recently overtook Ethereum in sales volume. Data shows that Solana’s revenue has reached nearly $16 million, following a 2.78% increase.
This increase comes despite a broader downturn in the market, with Ethereum seeing a significant drop in revenue of 22.70%.
Overview of the best blockchains
The blockchain landscape for NFT sales is showing interesting trends. Ethereum has long led the NFT market, but recent data shows Solana’s upward trajectory.
Ethereum’s revenue has fallen to $11.4 million, a stark contrast to Solana’s nearly $16 million in revenue.
Bitcoin, not typically a direct player in the NFT space, has registered $13 million in sales. This is due to the surge in Bitcoin Ordinals, which has also contributed to the flagship cryptocurrency recently overtaking its altcoin archrival in terms of total fees.
Other blockchains such as Polygon and ImmutableX are also making their presence felt, albeit with lower sales volumes of $1.5 million and $942,113 respectively.
Solana’s NFT marketplace is booming
Solana’s NFT marketplace has seen a robust increase in activity, with Tensor emerging as the leading platform. The platform has reached a monthly trading volume of approximately $1 million, surpassing Magic Eden. This puts Tensor at the forefront with around 60% of Solana’s total NFT market share.
Despite Tensor having fewer unique wallet users compared to Magic Eden, the platform’s traders are operating at higher volumes.