Solana (SOL) Emerging As Viable Threat to Ethereum in NFT Markets: DappRadar Report

DappRadar says Solana (SOL) could potentially pass Ethereum (ETH) as the leading blockchain for non-fungible tokens (NFTs).

In a new report, DappRadar finds Solana is performing well in the NFT space despite the latest widespread crypto market downturn.

Trading volume for SOL increased amid declines seen in other blockchains, including leading altcoin Ethereum.

DappRadar finds that fellow smart contract platform Avalanche (AVAX) is also a “clear winner.”

“Solana and Avalanche emerged as the clear winners with an increase in trading volume (despite the crypto pullback) of 21% and 15%.

Incumbent blockchains such as Ethereum, Binance Smart Chain (BSC), and Polygon (MATIC) suffered heavy losses of 41%, 22%, and 59%. While absolute, the low point was reached for Flow and Ronin, which saw a pullback of 71% and 84%.”

Solana also outpaced other blockchains in terms of sales count, according to DappRadar.

“Despite the depreciation of many tokens, the trading activity persisted on many blockchains. Solana, again as the clear winner, almost doubled its sales count by 98%, while Ethereum and BSC stayed pretty much on par with 2% and -4%, respectively. The same could not be said for the rest of the blockchains, which suffered losses of up to 75%.”

The report says that Solana is emerging as a threat to usurp Ethereum due to its low gas fees and low barriers to entry.

“Although Ethereum has historically been the primary blockchain for NFTs, Solana has been growing as a viable alternative for new NFT projects due to relatively low gas fees and low barriers to entry.

Magic Eden, the leading marketplace for Solana-based NFTs, has seen a record influx of traders due to the launch of many successful Solana-based collections like Okay Bears. The Solana marketplace DApp boasts 0% listing fees and only 2% trading fees. This quarter, Magic Eden accounted for 10% of all NFTs transactions.”

Solana is changing hands at $36.98 at time of writing, a 3.3% increase on the day.

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