Key Points
- Solana’s NFT sales have surpassed $3 million within the last 24 hours, outperforming Polygon.
- Despite this, Ethereum still dominates the NFT ecosystem with a 24-hour sales volume exceeding $6 million.
Solana [SOL] experienced growth in its NFT ecosystem last week, with several popular collections migrating back to SOL. This has led to speculation about potential further growth in the coming weeks.
NFT Ecosystem Growth
The NFT ecosystem saw a surge in sales across multiple chains last week. Data revealed an increase in the total number of NFT sales and unique sellers. Solana onboarded popular NFT collections like y00ts and DeGod, which had previously migrated to other chains. Notably, y00ts returned from Polygon [MATIC], while DeDod left Ethereum [ETH].
SolanaFloor reported that SOL’s NFT sales reached $25 million over the last seven days, outperforming Polygon’s weekly NFT sales of $8 million. However, Ethereum remained the leading player with a weekly sales volume of $48 million.
Top-Performing Collections on Solana
Data revealed the top-performing collections on Solana to include y00ts and DeGods, along with Mad Lads, Frogana, and SMB Gen 2. In the last 24 hours, Solana continued to outperform Polygon with a sales volume of $3 million compared to Polygon’s $1 million. Interestingly, despite high sales volume, SOL’s total transactions dipped by over 10%, while Polygon’s increased by 17%.
Despite these figures, both Solana and Polygon lagged behind Ethereum. Ethereum’s 24-hour sales volume exceeded $6 million, marking a 17% increase from the previous day. Furthermore, Ethereum’s total number of buyers, sellers, and transactions all increased by approximately 9-12% in the past 24 hours.
Solana’s Market Cap in ETH Terms
Alongside the flourishing NFT space, Solana’s native token’s price also turned bullish. SOL’s price increased by over 14% in the last seven days, and by 6% in the last 24 hours. Currently, SOL is trading at $155.92 with a market capitalization exceeding $69.7 billion, making it the fifth-largest cryptocurrency.
