- In the last 24 hours, SOL’s NFT sales exceeded $3 million
- Ethereum continued to dominate Solana and Polygon in the NFT ecosystem
Solana [SOL] witnessed some traction in its NFT ecosystem last week as a few popular collections migrated back to SOL.
Does this mean that Solana’s NFT ecosystem is poised to witness further growth in the coming weeks?
Solana outperforms Polygon
The NFT ecosystem boomed last week as sales across multiple chains increased. AMBCrypto’s look at NonFungible’s data revealed that the total number of NFT sales last week increased.
The total number of unique sellers also went up during the same time.
NonFungible
While the market grew, Solana onboarded popular NFT collections like y00ts and DeGod, which had migrated to other chains earlier.
To be precise, y00ts returned from Polygon [MATIC], while DeDod left Ethereum [ETH]. The inclusion of such top collections helped SOL’s NFT space.
As per a tweet from SolanaFloor, SOL’s NFT sales reached $25 million in the last seven days. The number was commendable, as Polygon’s weekly NFT sales stood at a mere $8 million.
Nonetheless, Ethereum remained the top player, as its weekly sales volume was $48 million, as per Cryptoslam.
AMBCrypto’s look at DappRadar’s data revealed the top-performing collections on Solana. Both y00ts and DeGods made it to the top 5, along with Mad Lads, Frogana, and SMB Gen 2.
Source: DappRadar
Is Solana still ahead of Polygon?
To see whether Solana continued to dominate Polygon, AMBCrypto checked their last 24 hours’ performances. As per our analysis, Solana continued to outperform Polygon.
While Polygon’s 24-hour sales volume stood at just over $1 million, SOL’s number touched $3 million.
Source: CRYPTOSLAM
However, it was interesting to note that despite high sales volume, SOL’s total transactions dipped by more than 10% while Polygon increased by 17%.
Nonetheless, they were both still considerably behind Ethereum. The king of altcoins’ 24-hour sales volume exceeded $6 million, which was a 17% increase from the previous day.
Ethereum’s total number of buyers, sellers, and transactions all increased by 9.8%, 8.9%, and 12%, respectively, in the past 24 hours.
Source: CRYPTOSLAM
Realistic or not, here’s SOL’s market cap in ETH terms
SOL turned bullish
While the blockchain’s NFT space flourished, its native token’s price action also turned bullish. According to CoinMarketCap, SOL’s price increased by more than 14% in the last seven days.
In fact, in the last 24 hours alone, it surged by 6%. At the time of writing, SOL was trading at $155.92 with a market capitalization of over $69.7 billion, making it the fifth-largest crypto.
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