Polygon, Cardano and Solana On The Rise
The NFT market is experiencing a shift in sales volume as Ethereum sales fall while Cardano, Solana and Polygon gain ground. Read more about the emergence of alternative blockchains in NFT sales.
The world of non-fungible tokens (NFTs) has exploded in the past year, with marketplaces such as OpenSea seeing increased activity since the start of 2023. NFTs are digital tokens that represent ownership of a unique resource, such as a work of art, a video game element, or even a tweet.
Ethereum has long been the king of the NFT market, with its decentralized platform enabling the creation and sale of a large variety of unique digital assets. It is home to many high-profile NFT collections and NFT games such as CryptoPunks, Bored Ape Yacht Collection and more.
However, recent data from CryptoSlam has revealed that Ethereum’s grip on the market may be slipping, as other blockchains such as Cardano and Polygon begin to gain traction.
According to CryptoSlam, the sales volume of Ethereum NFTs has shrunk by 12% in the past seven days, while the number of unique buyers and sellers on the blockchain has also decreased. This is in contrast to Cardano and Polygon, which have seen an increase in sales volume in recent days.
Cardano briefly overtook Polygon on NFT sales volume, and the latter has also experienced a significant increase in sales volume, likely due to the migration of Y00t’s NFT collection from Solana to Polygon. The Y00ts collection is a popular NFT collection that has been making waves in the NFT market, and its migration to Polygon has been seen as a significant win for the blockchain.
Solana, another blockchain that has gained a foothold in the NFT market, has also seen significant sales volume in the past week, thanks to the Mad Lads NFT collection. The Mad Lads collection, which contains 8,888 unique NFTs, contributed $8 million in sales in the past week, putting the spotlight on the blockchain.
The growth in NFT sales across alternative blockchains comes as Ethereum has seen a slowdown in recent activity. While Ethereum remains by far the most popular blockchain for NFTs, the decline in sales has given other NFT collections on other blockchains a chance to shine.
This shift in the NFT market is not entirely surprising, as recent figures have revealed that the NFT market is experiencing a once-in-a-long downturn. Bluechip NFT collections, which are located in Ethereum, have fallen in value not seen since 2021.
Final thoughts
While Ethereum remains the most widely used blockchain for NFTs, the emergence of alternative blockchains such as Cardano, Polygon and Solana is a sign that the market is evolving and that there is room for competition.
While the competition is interesting, it’s also a sign of how these different marketplaces can work hand in hand to revitalize the NFT market, especially during a recession
Edmond is a passionate writer for video games, GameFi and Web3. He has worked for top GameFi companies and video game/crypto news sites.
