Solana-based NFT transaction volume outperforms Ethereum

Solana-based NFT transaction volume outperforms Ethereum

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Answer Solana-based NFT transaction volume outperforms Ethereum

According to a recent tweet from Santiment, the volume of Solana-based non-fungible tokens (NFTs) has exceeded the volume of Ethereum transactions.

Although the sizes vary by tiny numbers, it is still a very important indicator.

An important factor to consider is the fact that the volume published in the report was calculated in the currency of the blockchain and not the dollar.

In other words, even though Ethereum transactions only recorded 550,000 ETH for NFT transactions, the dollar volume is over $550 million.

While the value of NFT transactions on the Solana blockchain is only 1.3 million SOL, or about $43.39 million.

Solana’s NFT has only outperformed Ethereum when it comes to total transactions made over the course of the week.

Read:Chinese company buys $40 million worth of Bitcoin and Ethereum

The number of weekly transactions on Ethereum reached 500,000 while the number of Solana transactions settled at 630,000.

This means that Solana’s activity was about 32% higher than that of Ethereum.

Looking at the overall time frame, the NFT Solana market has seen a steady decline in daily volume.

Over the past two months, the highest volume ever recorded on the MagicEden platform was 380,000 SOL.

During the same period, daily NFT purchases on Solana also decreased by about 78%.

On the other hand, Ethereum suffers a similar fate.

Since its peak of $476 million in May, Ethereum’s daily NFT transaction volume has fallen to just $15 million on July 3.

In addition, OpenSea has already recorded $43 million in transaction volume.

If things continue at this rate, OpenSea will only be able to record $344 million in transactions by the end of this month.

Read:A subsidiary of the “Capital Group” buys 12% of the shares of the “MicroStrategy” company that supports bitcoin

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