The cryptocurrency market looks like a game of musical chairs. With funds and “users” who move according to opportunities, from one network to another. This is to take advantage of returns and other airdrops offered when opening new digital territories. An activity that sometimes boils down to a simple passing hype. But in other cases, new “killers” appear to the detriment of the competition. A scenario that could well be that of the last episode entitled: Aptos vs Solana.
The number of new networks that are supposed to be better than existing ones is becoming hard to count. To the point of finally wondering if there will be enough activity and use cases to allow them all to exist. This is especially so in the context of a bear market which tends to clean up quite drastically. And with, at the same time, the appearance ofyet another large-scale project intended to revolutionize this ecosystem : the already controversial Aptos (APT).
A very bad period to operate this launch, according to analysts more focused on the price of cryptocurrencies than the construction of an ecosystem. But probably perfect timing considering that some see potential in the Aptos project. solana killer“. Because this “Ethereum killer” suffers from chronic dysfunctions since the beginning of the year. And the policy of its NFT market could well accentuate the flight of its volumes towards the newest competition.
Aptos – The “Solana killer” of the NFTs market
The Solana network has for some time established itself as the direct competitor of Ethereum – all things considered – in the trending sector of NFTs. With a market share that fluctuates between 15% and 20% over the last few months vis-à-vis this leader in the field (more than 70%), but which still records a significant increase. Or more exactly, a smaller drop in volumes than for other blockchains which allows this percentage to increase compared to the general collapse that hits this ecosystem.
But recently, a new major competitor has just appeared, like a pebble thrown into this pond. With the launch of the Aptos blockchainwith an estimated valuation of more than $2 billion. And whose very Web2 development model raises the question of its relevance and its effective development capacity in the emergence of a Web3 that is still difficult to define.
But it doesn’t matter, because a very clear trend seems to upset the fragile balance of the NFTs market. With an Aptos network obviously stealing market share from Solana in the field. In particular following some community difficulties encountered by its platforms, such as magic edenon the delicate issue of copyright.
Aptos – Exploding NFT volumes
There is no doubt, the market for NFTs on the brand new Aptos network is registering an explosion worthy of the cryptocurrency sector. With volumes for his main project – Aptos Monkey – which exceed all other known NFT collections over the past 24 hours. All this mainly on the Topaz platform currently at the center of this speculative euphoria. The latter already at the head of $5.46 million in transactions made since its launch on October 18, according to figures revealed by its pseudonymous founder 0xclickbait to the media Decrypt.
An amount that allows the Topaz platform to compete with its counterpart Magic Eden of the Solana network. Because on yesterday alone, it posted just over 1.7 million dollars in transactions against 1.8 million dollars for the latter. With an Aptos Monkey collection that has already generated over $2.3 million in transaction volumes since its launch earlier this week. This while, by way of comparison, the CryptoPunks prancing ahead on Opensea with volumes estimated at 440 ETH ($684,000) over the past 24 hours.
Will Aptos kill Solana?
But one of the remarkable facts is the significant drop in activity recorded by the Magic Eden platform over the same period. Because the latter saw its income almost halved in the last week only. With its recent decision to make copyright optional as probable cause. And a question on everyone’s lips, the network Is Aptos already replacing Solana?
A question that is difficult to answer with certainty. Although Solana projects like Zodiac World , Mogu Dragonz and Aptos Top Sharks announce move to Aptos to take advantage of this trend. Because as certain analysts rightly point out, this kind of hype has already taken place with the Near Protocol network, without however lasting over time. Because opportunistic migration remains a very popular sport in the cryptocurrency sector. But in this case, it cannot be named as such that once the funds and volumes have effectively returned to the Solana network. A case to follow…
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NFT – Is Aptos a Solana killer? – CryptoNews
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