Solana (SOL) emerges as a new competitor to Ethereum’s NFT dominance: Analytics firm Messari
New data from crypto insight firm Messari reveals that Solana (SOL) is emerging as a challenger to leading smart contract platform Ethereum’s (ETH) non-fungible token (NFT) market dominance.
In a recent report, Messari says that although Solana’s total usage fell in Q2 this year, NFT activity has accelerated sharply.
“After a breakout in late 2021 and early 2022, Solana accelerated NFT activity amid the network’s decline in usage and DeFi activity during the second quarter. Daily new NFTs increased dramatically to over 7 million newly minted NFTs, representing a growth of 46.4%. For perspective, newly minted NFTs during the first six months of 2022 are double the amount minted during the whole of 2021.”
The market intelligence company reveals that NFT activity on Solana exploded in May and June after hitting a 2022 low in March.
According to Messari, the increased NFT activity on the Ethereum challenger is due to the success of Metaplex, an open source tool that allows users to create Solana-based NFT marketplaces, the launch of the Serum NFT collection, and fundraising from Solana’s own NFT marketplace. Magic Eden.
“Ultimately, Solana’s position in the NFT sector remains a strong part of the ecosystem despite a bearish market. It continues to be the second largest protocol by secondary NFT sales volume, trailing only Ethereum.”
Messari notes that while Ethereum continues to maintain the overwhelming majority of activity in the NFT market, Solana is doing well compared to other competing tier-1 protocols.
“Although Ethereum maintained 85% dominance and controlled the number one position for NFT secondary sales volume, Solana continued to gain market share compared to the alternative L1s in the peer group.”
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered straight to your inbox
Check price action
Follow us on TwitterFacebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/David Sandron/funstarts33
