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- ETH Price at the time of writing – $1,624.73
- Solana is making moves to chip away at Ethereum’s dominance
- Ethereum still dominates roughly 80% of the secondary NFT market
One layer-1 blockchain is gaining ground on Ethereum (ETH) in the non-fungible token (NFT) sector, according to new data from crypto analytics firm Messari. A Messari report states that, in terms of secondary sales volume, Solana (SOL) is second only to the smart contract platform Ethereum in the NFT industry.
But Solana is taking steps to challenge Ethereum’s dominance in the third quarter. Solana’s strategy and position in the NFT sector remain strong despite the bear market. Solana is closing the gap on Ethereum, making it the second-largest network in terms of secondary sales volume.
SOL Price at the time of writing – $33.07
Solana is closing the gap in terms of sales volume, despite the fact that Ethereum still controls roughly 80% of the secondary NFT market. During the quarter, Ethereum’s dominance decreased from 85% on average to 80%. Solana’s share increased to just under 20% from less than 10% on average.
According to the report, Solana’s overall usage had decreased and remained stable in the third quarter as its NFT ecosystem expanded.
In contrast to Solana’s decelerating and stabilizing DeFi sector, its NFT ecosystem continued to expand. Over 8 million new NFTs were created each day, representing a 19.3% quarter-over-quarter increase. To put this into perspective, this growth has continued after rising by 46.4% in the second quarter and is roughly 8.5 times higher than the level achieved a year ago.
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What distinguishes Solana?
The proof-of-history (PoH) consensus that Anatoly Yakovenko developed is one of the essential innovations that Solana brings to the table. The protocol’s scalability is enhanced by this idea, which also improves its usability.
Because of the extremely short processing times offered by the blockchain, Solana is well-known in the cryptocurrency industry. With Solana’s hybrid protocol, transaction and smart contract execution validation times can be significantly reduced. Solana has also attracted a lot of interest from institutions due to its lightning-fast processing times.
The Solana protocol is designed to meet the needs of both small and large businesses. One of Solana’s main promises to customers is that they won’t be caught off guard by rising taxes and fees. The protocol’s design ensures both scalability and quick processing while maintaining low transaction costs.
Solana is ranked number 7 on the CoinMarketCap list as of September 2021 due to the long history of professional experience that the project’s creators, Anatoly Yakovenko and Greg Fitzgerald, bring to the table.
This occurred following an impressive bull run, during which the price of Solana increased by more than 700% since mid-July 2021.
The introduction of the Degenerate Ape NFT collection caused the SOL price to reach an all-time high (ATH) of more than $60, and it has since continued to rise as a result of increased developer activity in the Solana ecosystem, increased institutional interest, the expanding DeFi ecosystem, the rise of the NFTs and gaming vertical on Solana, and other factors.
The price of Solana reached an ATH of $216 on September 9, 2021. Solana has received a lot of praise for how fast it works and how fast it works. It has even been said that it could compete with Ethereum and challenge the most popular smart contract platform.
However, the network has been plagued by frequent outages, which have lowered its price and hindered its ambitions to become the “Visa of crypto.”In addition, it is alleged that its ecosystem favors venture capital investors through unfair tokenomics.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
