Solana overtakes Ethereum in daily NFT trading volume

    Lately, the tides in the NFT space have been moving. The high-value Ethereum NFT market has seen declining trading volume in recent weeks. However, Solana NFTs are still growing—and the network produced more NFT volume than Ethereum over a 24-hour period from yesterday to this morning.

    According to data from CryptoSlam this morning, Solana’s Magic Eden NFT secondary market sales totaled roughly $24.3 million in the previous 24 hours, while Ethereum sales totaled $24 million across all marketplaces it monitors.

    Solana is overtaking the NFT market.

    Although the difference between the platforms is minor, this is the first time the smaller Magic Eden market has overtaken Ethereum in terms of the dollar amount earned through sales during a 24-hour period. Solana NFT sales were up 436 percent in that 24-hour period compared to the prior window, according to CryptoSlam.

    This is partly owing to the Tuesday introduction of Trippin’ Ape Tribe, a new Solana NFT profile photo project on Magic Eden. With 10,000 individually generated images of apes distinguished by a diversity of strange visual elements, it’s similar in style to Ethereum’s Mutant Ape Yacht Club. Following Tuesday’s initial mint, secondary market purchases for the project surged.

    According to CryptoSlam, the Trippin’ Ape Tribe was responsible for almost $14.5 million of the Solana total during that time. That made it the most popular project during that time period, outselling all other Ethereum and Solana projects by a large amount; Ethereum’s Bored Ape Yacht Club came in second with $3.5 million in purchases.

    Solana projects are thriving more than ever.

    Okay Bears became the first Solana project to top that list last month, and they’ve done it twice in the weeks after. Only one other NFT project, Trippin’ Ape Tribe, has taken the 24-hour reign above many other Ethereum and Solana collections. On the Magic Eden marketplace, a Trippin’ Ape Tribe NFT costs 54 SOL ($2,600) as of this writing.

    An NFT is a document that acts as proof of ownership for items such as profile photographs, digital artwork, sports souvenirs, and video game assets. According to data from DappRadar, the wider NFT industry generated $25 billion in trading volume in 2021 as the business exploded, and it’s on track to surpass that figure in 2022.

    The fact that Solana has surpassed Ethereum in 24-hour NFT trading volume is the latest indication that the Solana market is gaining traction. Another important clue was the growth of Okay Bears, which has now surpassed $100 million in secondary sales in less than a month.

    Magic Eden is taking over OpenSea.

    In terms of weekly users and transactions, the leading Solana NFT marketplace, Magic Eden,, has surpassed the top Ethereum marketplace, OpenSea. However, Solana’s transaction fees are a fraction of Ethereum’s, allowing services like listing and unlisting NFTs and bidding on products to be far more inexpensive.

    OpenSea recently added support for Solana NFTs as well, although the company has yet to grab a major part of the market. Magic Eden continues to dominate the Solana market in terms of sales volume. It wants to expand its Solana-native focus by allowing purchasers to deal with the native tokens of NFT projects like DeGods and Aurory.

    The Solana NFT market has had its own issues recently, including an increase in NFT minting bots—automated programs that try to overwhelm NFT mints to buy up as much as possible. On April 30, such bots caused the entire Solana network to crash, prompting the introduction of a new “bot tax” that imposes a price for “invalid” transaction attempts.

    Other NFT marketplaces way below Solana

    While Solana shows signs of improvement, the Ethereum market is still far more lucrative overall. Over the last seven days, Solana’s NFT trade activity reveals almost $58 million in their NFT trade activity, compared to nearly $206 million for Ethereum. Over the next 30 days, the difference increases to $333 million for Solana and $3.15 billion for Ethereum.

    The debut of NFT land plots for Otherside, an anticipated metaverse game from the designers of the Bored Ape Yacht Club, sparked a frenzy in the Ethereum NFT market at the end of April and the beginning of May. The auction was heavily panned due to its style, but it was still a success—in less than a month, the NFTs generated nearly $1.2 billion in primary and secondary sales.

    However, the momentum in the Ethereum NFT arena slowed once the crypto market plummeted a few weeks ago. According to data from Dune, OpenSea only had $29 million in Ethereum trading volume on Monday, compared to an all-time high of $476 million on May 1.

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