NFT: Solana stacks records and distances the competition

Solana set to dethrone Ethereum? – The NFT blockchain Solana continue to attract audiences despite a difficult, even inert market. Better yet, here they beat a new record of the number of mints in one day. Despite some malfunctions, low transaction costs have won users over to mints and NFT exchanges. The bet of NFT enthusiasts who bet on Solana is therefore successful.

Explosive record: 313,380 NFT minted in 24 hours

On Saturday, September 7, the Solana blockchain recorded its bigger performance in terms of daily minted NFTs. It is in total 313 380 mints which were recorded in 24 hours without forgetting trading volumes bordering those of the Ethereum blockchain.

Volume of minted NFTs on Solana – Source: The Block

When all eyes seemed to be on The Merge and the opportunities it could offer, well-advised portfolios favored speculation delivered by Sam Bankman-Fried on Solana. The cause of this dazzling increase in mints? Mainly the “Yoot” collection that many expected, but also quite simply a collective enthusiasm.

At all times, the trading volume of NFT on the Solana blockchain has been well below that of said competitors. Truth be told, the ” competition “ was mainly done between 3 chains: Ethereum, Solana as well as Ronin.

Since, Ronin, the blockchain dedicated to the game Axie Infinity, lost its luster due to the bad news that its play-to-earn accumulated. She finally found herself on the key. This leaves Solana who can be described as challenger. Nevertheless, Ethereum obviously stay unbeatable for its NFT trading volumes.

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Solana defends itself well, despite the bear market

However, despite the bear market hitting the NFT market particularly hard, the amount of trades and mints on Solana demonstrates a strong resilience. Indeed, compared to its high point, Solana recorded a decrease of its volumes of approximately 50%. The Ethereum network displays volumes, not divided by 2, but by 20.

Of course, this comparison remains relative because of the astronomical volumes that Vitalik Buterin’s network was able to capture. However, the finding is quite brilliant for Solana.

Found confidence?

According to say of Zhuoxun “Z” Yinthe co-founder of the marketplace Magic Eden, the facts show that Solana is not a second-class choice. Its ecosystem is robust:

“I think people are realizing that Solana is still quite liquid as an NFT market, despite the bear market. (…) [Cela] went pretty well, resulting in a new wave of mints/trades. »

It is also important to mention the fact that the overall quality of NFT Solana projects tends to improve. It is obvious that doing better in terms of the quality of the collections was not really a test. But during difficult times, the customer base inevitably becomes more demanding. It is (almost) no longer satisfied with hideous and useless NFTs.

Despite the technical difficulties, the blockchain ignores criticism and attracted undeniably a large audience. One thing leading to another, the competition between its various NFT marketplaces and the manifestation of the bear market have slightly raised the quality of projects. Coupled with almost insignificant transaction costs, the phenomenon creates the recipe for a collective interest. A few failures are not so much an obstacle in conquering the NFT market.

The SOL is still far from the ceiling but its ecosystem resists! Register without delay on the FTX reference platform. In addition, you benefit from a return of up to 8% on all your crypto assets (commercial link, see conditions on official website).

John R. Zepeda

I have extensive experience working as a content writer in the areas of cryptocurrencies and finance, where I create interesting pieces that both inform and engage their audiences.

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