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Solana Falls Behind Polygon in Terms of NFT Trading Volume

Published 2024-01-07, 01:13 p/m
© Reuters. Solana Falls Behind Polygon in Terms of NFT Trading Volume

U.Today - The blockchain platform Solana has a dip in NFT sales, trailing behind its competitor, Polygon.

According to the latest data, Solana's NFT trading volume has decreased by 17.17%, totaling $4.5 million in sales. This downturn contrasts starkly with Polygon's notable increase in trading activity, which has seen an 84.94% surge, reaching $9 million in sales.

Bitcoin and Ethereum in lead

Meanwhile, Bitcoin, often less associated with NFT transactions, has held steady with $13,016,115 in sales despite an 18.52% decline.

The 30-day for NFTs reveal Bitcoin's dominance with sales reaching nearly $872.7 million, and Ethereum's active market at over $709.7 million, despite a high wash trading volume. Solana and Polygon also show significant activity, with total sales of approximately $334 million and $99.4 million, respectively.

Solana's big month

In December 2023, Solana unexpectedly topped Ethereum's monthly NFT sales volume, according to CryptoSlam, with approximately $366.5 million worth of Solana NFTs sold compared to Ethereum's $353.2 million.

This was a surprising twist given Ethereum's longstanding dominance in the space. The surge in sales for Solana was attributed to a combination of factors, including a substantial increase in unique buyers and sellers.

This article was originally published on U.Today

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