Solana intends to prove that Ethereum (ETH) is not the only blockchain to offer large non-fungible tokens (NFTs). And it seems that it is starting to find its place: the creation of NFTs on Solana has exploded in recent weeks. What explains this craze?
NFTs Solana collections are exploding
Activity surrounding Solana NFTs is up sharply, even as their Ethereum counterparts end the summer in a sluggish state, according to data shared by analyst The Block. The number of non-fungible tokens produced (minted) on Solana reached an all-time high of 312,000 on 7 September. This figure was only 39,000 three days earlier.
Transaction volumes for NFTs have also increased, reaching an all-time high of $11.5 million on September 6. The NFT sales platform Solana Magic Eden benefited particularly from this renewed interest, as it accounted for 36% of the market share on 7 September.
Solana NFTs find legitimacy
When the first collections of NFTs were offered on Solana, they were met with some ridicule. There were still many copies of large collections available on Ethereum, such as the Bored Apes. But the ecosystem seems to have moved away from that, as Chase Barker, the Solana Foundation’s head of development, pointed out:
I remember once upon a time (last year), that “some people” laughed at Solana NFTs. Locks of mockery, and some of it was fair because many initial launches were clones. Although no one likes the clones. Today, Solana is on a trajectory to completely dominate the NFT market. Gm
– Based Charker (@therealchaseeb) September 9, 2022
One of the advantages of Solana’s NFTs are their low costs. Fees on Ethereum remain high, and some collections have reached sky-high prices, making them unaffordable for many investors. As a result, several collections on Solana have started to make news – y00ts for example.
This is encouraging for the NFT sector on Solana. We also note that volumes are coming together strongly. For the week of September 5th, Solana NFTs represented 42.9 million dollars of transactions, against 62.6 million dollars for Ethereum. These are therefore serious competitors who are hunting on the lands of the second largest blockchain.