Solana (SOL) becomes a real threat to Ethereum (ETH) in the NFT market

Solana (SOL) could potentially overtake Ethereum (ETH) as the most widely used blockchain for NFTs, according to data platform DappRadar

A new report from DappRadar reveals Solana’s strong performance in the NFT space, even as the cryptocurrency market has fallen. Solana’s trading volume increased on the back of declines seen on other blockchains. In addition, the Avalanche smart contract platform (AVAX) shows good results:

“Despite the fall in the cryptocurrency market, Solana and Avalanche showed an increase in trading volume of 21% and 15%.

Blockchains Ethereum, Binance Smart Chain (BSC) and Polygon (MATIC) can not boast of good results. Their trading volumes decreased by 41%, 22% and 59% respectively. Things are even worse for Flow and Ronin, whose volumes fell by 71% and 84%.”

According to DappRadar, Solana also outperformed other blockchains in terms of NFT sales:

“Despite the depreciation of many tokens, trading activity has continued on many blockchains. Solana’s sales growth was 98%, while Ethereum and BSC remained almost on the same level with 2% and -4%, respectively. The decrease in sales in other blockchains was up to 75%”

It is noted that Solana is becoming a threat to Ethereum due to low gas fees and affordable barriers to entry:

“While Ethereum has historically been the main blockchain for NFTs, Solana is evolving as a viable alternative for new NFT projects due to relatively low gas fees and affordable barriers to entry.

Solana’s leading NFT market called Magic Eden has witnessed a record influx of traders with the launch of many successful collections such as Okay Bears. The commission for listing on the site is 0% and only 2% for trading. Magic Eden accounted for 10% of all NFT transactions this quarter.”

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