Solana Closes The Gap On Ethereum With Massive NFT Sales

This year, Solana (SOL) exhibited remarkable performance, emerging as a substantial challenge to supremacy shown by the biggest altcoin by market capitalization, Ethereum (ETH). In particular, Solana has garnered attention for its noteworthy on-chain activities and trading dynamics.

Solana dominates NFT market

Having surpassed Ethereum not only in on-chain engagement but also in the critical metric of NFT sales, Solana has demonstrated its prowess. While Ethereum has traditionally dominated the NFT industry with its trading volume, projects, and user adoption, persistent issues such as network congestion and escalating fees are causing its dominance to wane. Unsurprisingly, competitors like Solana are narrowing the gap.

The success shown by Solana in the NFT sector also reflects a growing recognition of its potential by investors and developers. While Solana lags significantly behind Ethereum in historical data, its ascent suggests a potential seismic shift in the market dynamics of the industry.

Still a ways to go

In a historic performance this year, Solana achieved over 800% in gains, establishing record DEX volumes and network transactions. On December 9th, 2023, Solana eclipsed Ethereum in NFT sales, recording over $16 million in transactions. Bitcoin (BTC) and Ethereum followed closely with sales of $13.4 million and $11.4 million, respectively.

On the flip side, it is essential to note that the aforementioned current NFT sales, while noteworthy, are still below the levels recorded by Solana in 2022, where it achieved over $1 billion in NFT volume. In comparison, the all-time NFT sales of Ethereum stand at $41 billion, while those of Solana stand at approximately $4 billion.