- Solana holds 53% NFT market share and earned $2M in chain royalties
- Ethereum holds 33% and has earned $1.3M, while Polygon, Base, and others aren’t competitors yet
Solana established its steady growth and consolidated its leadership in the NFT sector with earnings of $2 million and holding its 53%.
Solana’s Leadership in the NFT Market
Solana Floor data indicates that last month was telling for Solana, with it earning $2 million in chain royalties and holding its sector at 53% of the NFT market.
This established Solana as a leading trendsetter in the NFT sector, and one of the key factors has been the technical efficiency of Solana’s blockchain and the high transaction speeds and low fees.
In addition to a rich ecosystem, Solana is constantly working on expanding, giving even more reasons for changing user preferences and promising Solana’s further leadership in the changing NFT landscape.
Solana, Ethereum, and Other Blockchains Competition in NFTs
Ethereum has previously dominated the NFT market as the one who opened up these and many other opportunities for developers. However, having been given a great example, Solana offered to make an even more advanced, efficient, and profitable technology in many aspects.
This has led to Ethereum now showing a slow but retreating position relative to Solana in the NFT sector, with market share retention of 33%, and royalty earnings this month of $1.3 million.
Ethereum has also recently shown less resilience to market swings and a slower recovery rate, for what could be many factors, but is still creating some experience and motivation among investors.
Other blockchains, too, are looking to make their mark in the NFT sector and beyond, but they’re showing multiples of lesser results at the moment.
Polygon has earned $505.1k in chain royalties and holds a notable but not highly competitive 13% of the market.
A good indicator for a newcomer showed Base, which by the way recently acquired powerful integrations from Chainlink, earned $53.3 thousand chain royalties, and took 1% of the market, making us think about the growing potential of this blockchain.
Conclusion
Well, we can congratulate Solana, which is actively raising and strengthening its position in the whole crypto industry and many of its sectors.
It seems that everything is on Solana’s side.
Choosing a technology independent of EVM, and developing its own, is more secure and efficient at its core.
A thorough and consistent strategy to overcome key Web3 gaps like lack of consistent user experience, cost-effectiveness and speed of transactions, and increasing presence in familiar Web2 platforms and services.
These factors have made Solana incredibly attractive to a wide variety of large investors and crypto enthusiasts; the NFT sector is one example.
Let’s hope that Solana will continue to live up to our expectations and move the crypto industry forward, bringing mutual benefits to the entire crypto.
