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- Despite the fact that Solana is less decentralized, JPMorgan predicted earlier this year that it might outperform Ethereum in the NFT market
- Axie Infinity’s Ronin, the problematic sidechain solution that was recently attacked and lost $540 million, is also behind the platform
- Meanwhile, SOL, the network’s native coin, has surpassed Ripple-affiliated XRP’s market cap to become the sixth-largest cryptocurrency
- In 2021, the platform gained traction as a low-cost alternative to Ethereum, which is still beset by high transaction fees and slow transaction speeds. The Ethereum killer has had a 55.34 percent increase in NFT sales in the last week, according to CryptoSlam statistics.
Solana’s NFT sales have surpassed $1.5 billion, but the company still has a long way to catch up to Ethereum. Total transaction volume for Solana-based non-fungible tokens has topped $1.5 billion, according to data provided by NFT tracking platform CryptoSlam. Only a few months after surpassing the $1 billion barriers for the first time, the platform reached a new milestone. NFTs released on Solana have generated nearly two million transactions, with 314,910 buyers and 260,844 sellers.
Release On Solana Has Generated Nearly Two Million Transactions
With 314,910 buyers and 260,844 sellers, the release on solana network has generated nearly two million transactions. A Degenerate Ape Academy NFT sold for $1 million in September, marking a first for Solana, who now joins the ranks of renowned Ethereum-based NFT enterprises such as CryptoPunks. In 2021, the platform gained traction as a low-cost alternative to Ethereum, which is still beset by high transaction fees and slow transaction speeds. The Ethereum killer has had a 55.34 percent increase in NFT sales in the last week, according to CryptoSlam statistics.
Axie Infinity’s Ronin Is Also Behind The Platform
Axie Infinity’s ‘Ronin’ the problematic sidechain solution that was recently attacked and had lost $540 Million is also behind the platform. Despite the fact that Solana is less decentralized, JPMorgan predicted earlier this year that it might outperform Ethereum in the NFT market. Despite this, it is unable to compete against the market leader. Ethereum has sold for a whopping $21 billion. Axie Infinity’s Ronin, the problematic sidechain solution that was recently attacked and lost $540 million, is also behind the platform.
Non-fungible token marketplaces are supporting Solana. The Ethereum killer is expected to be included by OpenSea, the network’s kingpin, as early as April, potentially boosting the network’s popularity dramatically. Rumors about the addition began to spread last year. Meanwhile, SOL, the network’s native coin, has surpassed Ripple-affiliated XRP’s market cap to become the sixth-largest cryptocurrency. The cryptocurrency is now selling at $133 on major spot marketplaces.
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Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
