Messari report: Solana NFT enters a period of vigorous development and begins to challenge the dominance of Ethereum NFT

Although the initial dream Solana is in the field of DeFi Ethernet Square competition, but it has begun to extend its tentacles can extend to other Ethernet Square dominated areas, especially NFT.

As the Solana ecosystem continues to expand, NFT on Solana as a category has also witnessed amazing growth. The total NFT secondary sales on Solana has officially reached 500 million U.S. dollars.

Messari report: Solana NFT enters a period of vigorous development and begins to challenge the dominance of Ethereum NFT

Solana’s cumulative NFT sales are rapidly approaching Flow . If the current trend continues, its sales may exceed Flow’s largest NFT project, NBA Top Shot.

September belongs to Solana

In the second month of launching NFT transactions, the number of NFT projects on Solana and their respective transaction volumes have both seen considerable growth. Solana’s total transaction volume in September reached nearly 190 million US dollars, mainly relying on the support of Degen Ape Academy, Aurory and Galactic Gecko Space Garage.

Messari report: Solana NFT enters a period of vigorous development and begins to challenge the dominance of Ethereum NFT

As the heat subsided after September and October turned into flat, NFT sales on Solana declined slightly. However, the overall secondary transaction volume is still relatively high, with the transaction volume slightly higher than 175 million US dollars.

As one of the earliest popular NFTs on Solana, Degen Ape Academy has benefited from the popularity of being a forerunner and apes as an asset class (such as BAYC). However, the largest sales of Degen Apes are from its first month, so it is worth paying attention to whether this beloved Solana pfp (profile picture) NFT can maintain its leading position on Solana.

Messari report: Solana NFT enters a period of vigorous development and begins to challenge the dominance of Ethereum NFT

Like Ethereum, a small number of projects have most of the secondary transaction volume, further indicating that even on Solana, the ultimate fate of NFT projects will be similar to long-tail distribution.

There are many types of Ethereum NFT projects, including games, trading cards, pfp, virtual land and others (such as Loot). However, the Solana NFT project is mainly composed of pfp style projects, which can be said to be the most speculative type of NFT on the market. It is worth noting that various game projects have raised funds and intend to build on Solana, such as Aurory, which is one of the first companies to conduct NFT sales. If Solana wants to truly compete for NFT dominance, it must support other types of projects besides collectible (and cute) pfp NFT.

Rising sun: Solana NFT

Solana has started to compete with Ethereum on several NFT indicators.

Messari report: Solana NFT enters a period of vigorous development and begins to challenge the dominance of Ethereum NFT

Interestingly, the average selling price of Ethereum NFT in October was US$3,147, while the average selling price of Solana NFT in the same month was US$1,081. Solana’s lower transaction costs may help pfp flip the market, which has attracted the attention of ETH and SOL speculators.

In addition, the NFT ecosystem of Ethereum has 132,879 independent buyers and 101,920 independent sellers, while Solana owns 35% of the number of independent buyers of Ethereum and more than 50% of independent sellers. These numbers are positive signs of Solana users’ adoption in the more mainstream market (NFT).

It is worth noting that Ethereum still dwarfs Solana in terms of total NFT secondary sales, and has recorded an order of magnitude transaction volume in each of the past three months.

Messari report: Solana NFT enters a period of vigorous development and begins to challenge the dominance of Ethereum NFT

However, trading volume is not a normative indicator worth paying attention to. On the contrary, the combination of these indicators and market context is important to determine the strength of the ecosystem’s NFT market. Therefore, although Ethereum is still the dominant player in the NFT market today, Solana has clearly opened up its position for the pfp / avatar NFT project. Whether Solana can reflect this initial energy into long-term NFT growth is yet to be determined, but current signs indicate that there are good reasons to be optimistic about Solana’s thriving NFT ecosystem.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/messari-report-solana-nft-enters-a-period-of-vigorous-development-and-begins-to-challenge-the-dominance-of-ethereum-nft/
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