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NFTs are entering a new era – Solana is closing the gap with Ethereum

 


NFTs on both the Ethereum and Solana chains have grown in popularity over the past year. Trading jpegs on the blockchain was the new big thing that quickly gained investor acceptance. This brought millions of users to both blockchains. However, over time, stiff competition has developed between Ethereum and Solana, which remain the two largest NFT blockchains.


Solana closes the gap

The rise of Solana NFTs over the past few months has been nothing short of impressive. SOL has now worked its way up to become the top opponent for Ethereum. However, this also means that the supporters of both networks have fought and are fighting a kind of battle for dominance of the NFTs. The rise in Solana NFTs has seen the network capture more market share from its larger rival.


Solana lags behind Ethereum when it comes to NFT volume, but the gap has narrowed over time. This is evidenced by the periods when Solana’s trading volume has been able to surpass Ethereum’s. One such instance was trading day May 24th. The total volume of SOL NFT exceeded that of ETH. Most of this happened on Magic Eden, Solana's premier NFT marketplace.


This is also reflected in the number of addresses. While Ethereum's were down, Solana has taken a leap forward. In June, Solana's daily active addresses exceeded the number of addresses on the Ethereum blockchain by 250%.

Ethereum has a hard time with NFTs

Ethereum is still the blockchain of choice for most when it comes to trading NFTs, but there are a number of factors that make that choice harder by the day. Currently, transaction fees on Ethereum have dropped. However, they are still much higher compared to those of competitor Solana.


While the average transaction fee on Ethereum was $6.5 over the last month, Solana users only had to pay pennies per transaction. This cheaper alternative was one of the reasons for the increasing acceptance of SOL.


Still, Ethereum continues to dominate the market even as NFT volume has declined. Solana has had a good run over the past few months, but while it's closed the gap a bit more, it still lags behind Ethereum by a wide margin.


NFT trading volume on Ethereum was 350% higher than against Solana in June and this is expected to continue for the foreseeable future. However, the NFT space has followed the trend of the bear market. Therefore, overall lower values ​​in terms of volume are expected going forward.

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