NFT
DappRadar’s latest NFT report shows that Ethereum’s dominance of the NFT market when it comes to NFT sales has fallen to just 5.7%. DappRadar also highlighted that the drop in Ethereum’s NFT selling dominance shows that the blockchain is primarily used by the NFT aristocracy.
The report reveals that Solana is right behind Ethereum, taking the second spot with a trading volume of $22.7 million. The Solana blockchain represents 6.7% of the total NFT trading volume. It also has a 13% share of total NFT revenue.
With a remarkable trading volume of $18.2 million and an impressive 26.9% dominance in NFT sales, Polygon has solidified its position as the most prominent blockchain in terms of number of sales.
This achievement is a testament to Polygon’s recent strategic decisions as it has become the preferred choice for numerous Web 2.0 projects aimed at launching NFT initiatives at a low entry price. In addition, Polygon’s ecosystem includes a large number of games with NFT mechanics, such as Planet IX, The Sandbox, and Oath of Peak.
Polygon has also emerged as the most popular blockchain in 2023 so far. NFT Data’s data shows that Polygon’s popularity increased from 23% in 2022 to 41% in Q1 2023. This has also led to some attracted notable industry players including Nike, Reddit and Starbucks.
The DappRadar data also showed that NFT sales could fall below $1 billion in May. According to the data, the trading volume currently stands at $333 million from 2.3 million sales.