A week ago, Solana’s NFT ecosystem received a boost when some familiar NFT collectibles decided to return to Solana. Over the past twenty-four hours, SOL’s NFT sales have surpassed three million dollars.
Does this imply that the number of NFTs in the Solana ecosystem will increase in the immediate future?
Consequently, last week, Solana was ahead of Polygon, which is evidence of the increasing NFT market. According to AMBCrypto’s analysis of NonFungible’s data, there was robust growth in NFT sales as well as the number of unique sellers during the timeframe.
However, with a weekly sales volume of $48 million, Ethereum continued to be the dominant participant, according to Cryptoslam.
With the market expanding, Solana saw a return of the top NFT collections, namely y00ts and DeGod, which had been relocated to other platforms earlier. The y00ts joined Polygon, and DeGod joined Ethereum. It was the reappearance of these flagship NFT collections that had a positive influence on the Solana NFT market.
According to a tweet from SolanaFloor, the Solana network’s NFT sales were $25 million last week, which is similar to the $8 million the Polygon network recorded during the same period.
As per experts’ assessment, y00ts and DeGods ranked in the top five on DappRadar among Solana’s leading NFT collections. SMB Gen 2, Mad Lads, and Frogana also graced the stage with them.
Following a twenty-four-hour performance comparison between Solana and Polygon, Solana may have surpassed Polygon andd Solana continued to exhibit superior performance. The merchandise volume of Solana was $3,000,000, whereas Polygon’s was $1,000,001.
Surprisingly, even though Solana is the second-best seller, the total transactions fell by more than 10%, however Polygon’s transactions grew by 17%. Nevertheless, both were still much lower in sales volume than Ethereum, which is the leading altcoin and had a sales volume of $6 million on the day, which was more than 17% compared to the preceding day.
Furthermore, there was an increase in the number of buyers, sellers, and transactions, which increased by 9. There is a rise of 3.7%, 4.9%, and 5.5%, respectively, over the previous 24 hours.
As the NFT sector experienced sustained growth, SOL managed to acquire some momentum. CoinMarketCap data indicates that SOL’s native token increased by 14% over the previous week. It reached an all-time high within the past twenty-four hours, and its price has increased by six percent. At the moment, SOL is trading for $155.92 and has a market capitalization of $69. According to Collider, it is the seventh most valuable cryptocurrency globally, with a market capitalization of $13.9 billion.
