The Solana (SOL) Blockchain Records Over $1.5 Billion in NFT Transactions

According to information provided by NFT data platform CryptoSlam, Solana (SOL) recently surpassed $1.5 billion in NFT transactions. However, it is still far from catching up with Ethereum (ETH) as predicted by banking giant JPMorgan.

Solana (SOL) Takes NFT Milestone

The Solana (SOL) blockchain rose to prominence in 2021. It was introduced as an inexpensive alternative to Ethereum (ETH) which continues to offer high transaction fees even though transactions are relatively slow.

Last September, an NFT from the Degenerate Ape Academy collection sold for over $1 million, a first for Solana (SOL). The blockchain has thus joined the club of prominent Ethereum-based NFT projects such as CryptoPunks. It must be said that the NFTs issued on Solana generated more than two million transactions with 314,910 buyers and 260,844 sellers.

That said, Solana (SOL) managed to reach a new milestone just months after surpassing $1 billion for the first time. Indeed, over the past week, the blockchain has experienced a 55.34% increase in NFT sales recording more than $1.5 billion in transactions, according to data from CryptoSlam.

Banking giant JPMorgan’s prediction is far from coming true

Earlier this year, banking giant JPMorgan predicted that Solana (SOL) could potentially overtake Ethereum (ETH) in the NFT space. He added that this prediction could come true despite the Solana (SOL) blockchain being less decentralized. However, despite the last exploits of Solana (SOL), it is not still not able to stand up to the market leader. Indeed, Ethereum (ETH) has generated an impressive turnover of 21 billion dollars lately.

Solana, on the other hand, is lagging behind Axie Infinity’s Ronin, the struggling sidechain solution. Sure enough, Axie Infinity’s Ronin recently lost $540 million to hackers. However, it must be said that specialists in non-fungible tokens (NFTs) are working on the support of Solana (SOL). In addition, it is expected that the OpenSea platform will integrate NFTs from the Solana (SOL) blockchain as of next April.

This integration could give a big boost to the adoption of the Solana (SOL) network. Note that rumors about the integration of Solana’s NFTs on the OpenSea platform started circulating last year. At the same time, the native token of the Solana network, SOL, once again exceeded the market capitalization of XRP, the cryptocurrency used by the Ripple network. It thus became the sixth largest cryptocurrency. SOL is currently listed at $133 on major exchanges.

Total NFT transaction volume on the Solana (SOL) blockchain surpassed the $1.5 billion mark. But that still doesn’t allow Solana (SOL) to catch up with Ethereum (ETH) as predicted earlier this year by banking giant JPMorgan.

Source: U.Today

Receive a summary of news in the world of cryptocurrencies by subscribing to our new daily and weekly newsletter service so you don’t miss any of the essential Cointribune!

User Image

CT writing

Behind the generic signature “Redaction CT” are young journalists and authors with specific profiles who wish to remain anonymous because they are involved in the ecosystem with certain obligations.

We would love to give thanks to the writer of this post for this amazing web content

The Solana (SOL) Blockchain Records Over $1.5 Billion in NFT Transactions

Explore our social media profiles along with other related pages