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The Number of Ethereum NFTs Has Skyrocketed This Year

While Ethereum has the most NFT collections, Solana is emerging as the preferred blockchain for NFT fans. Unlike Ethereum, which has scalability issues and high transaction fees, Solana offers fast transactions at a lower cost. With average fees of less than $1 per transaction, Solana has attracted many projects looking to avoid Ethereum’s high costs.

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Ethereum-based collections of non-fungible tokens (NFTs) are gaining momentum. Total trading volume reached $54 billion as of April 17th. According to IntoTheBlock – a company that specializes in blockchain intelligence – the trading volume of Ethereum NFTs was $622 million a year ago.

The company also announced that the number of NFT collections on Ethereum has increased by over 100%. The network currently hosts 80,300 NFT collections, up from 15,540 in 2021.

In addition, the number of Ethereum addresses holding more than one NFT has also increased significantly. In November last year, 1.4% of Ethereum wallets held more than one NFT. Now, that number is about 4.6%.

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Bored Ape Yacht Club most popular

Although the number of NFT collections on the Ethereum blockchain has grown significantly, Yuga Labs’ Bored Ape Yacht Club (BAYC) NFTs remain the project attracting the most attention. According to IntoTheBlock, 6,422 addresses own at least one BAYC NFT. The project’s market cap is 1.05 million Ether (ETH), which is worth about $3.18 billion.

CryptoPunks – another popular NFT collection for which Yuga Labs recently purchased rights – is the second largest project in terms of valuation, with a market cap of 471,430 ETH (approximately $1.43 billion). Mutant Ape Yacht Club (MAYC), an evolution of Bored Ape NFTs, takes third place with a valuation of 456,230 ETH (approximately $1.39 billion).

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Solana vs. Ethereum

While Ethereum has the most NFT collections, Solana is emerging as the preferred blockchain for NFT fans. Unlike Ethereum, which has scalability issues and high transaction fees, Solana offers fast transactions at a lower cost. With average fees of less than $1 per transaction, Solana has attracted many projects looking to avoid Ethereum’s high costs.

As of the end of January 2022, Solana NFTs had over US$1 billion in revenue. The network also has several popular collections, including Degenerate Ape Academy and Solana Monkey Business. In both collections, at least one NFT sold for more than $1 million.

Although Solana’s NFT ecosystem is not nearly as large as Ethereum’s, experts believe it could topple Ethereum in the long run due to its scalability and low fees.

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(Featured image by geralt via Pixabay)

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Anne Kings is a reporter for the financial sector, often tackling Wall Street and shareholders' interests. She also covers the intersection of media and technology, and delves into interesting topics on entertainment. Sometimes she also writes about the cannabis industry, in particular CBD and hemp. She is currently based in New York.