Solana NFTs Surpass Ethereum in Monthly Trading for the First Time

There’s a lot going on in the NFT markets: In December, for the first time, the Solana (SOL) ecosystem had higher sales over the month than that of Ethereum (ETH). Bitcoin NFTs (Ordinals) remain a topic in themselves.

Solana (SOL) is on a roll, almost 70 percent monthly plus speaks for itself. Now Solana NFTs are also making a comeback. The data from CryptoSlam  shows a surprising result for December 2023: Solana NFTs achieved sales of $367 million in the last month of the crypto year 2023, overtaking the previous market leader Ethereum NFTs, which had a trading volume of around $353 million. This excludes so-called “wash trading” in both Solana and Ethereum, where the data service suspects fake deals.

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It’s not just the trading volumes that show a clear trend towards Solana NFTs

Solana NFTs saw 6.6 million transactions in December from 218,000 sellers and 279,000 buyers. Ethereum NFTs had 698,000 transactions from 114,000 sellers and a good 143,000 buyers in the same period. The average price for an Ethereum NFT is still significantly higher than that of a Solana NFT.

We already reported on the recovery of the NFT markets at the beginning of December . Since then, CryptoSlam has improved its data collection on Bitcoin NFTs. The tokens, also known as Bitcoin Ordinals, are controversial in the community. CryptoSlam now distinguishes between BRC-20 tokens, which are Bitcoin ordinals but, like ORDI , do not contain any individual information. 

CryptoSlam now lists “real” Bitcoin NFTs under the term “Uncategorized Ordinals”. If you take both groups together, Bitcoin is now the clear market leader on the NFT markets. If you limit yourself to the “Uncategorized Ordinals”, Bitcoin lags behind Solana and Ethereum in December with a good 100,000 transactions from almost 40,000 buyers and 27,000 sellers.

Conclusion: Solana, Ethereum and Bitcoin dominate the NFT markets

The NFT markets have recorded triple-digit growth rates in the last 30 days, so the revival of the crypto sector, which is not loved by everyone, is in full swing. Of course, you can shake your head at the fact that the famous CryptoPunks, for example, are changing hands again for more than $100,000 each. But the monetary topic of NFTs has already endured several phases in which interest leveled off. 

Whether Solana NFTs will only experience a momentary surge or can compete with Ethereum NFTs over a longer period of time will become clear in 2024. Bitcoin NFTs remain just as exciting, as market analysis methods are currently becoming more professional.

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(Featured image by Choong Deng Xiang via Unsplash)

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