Solana vs. Polygon: Top NFT Blockchains by Trading Volume
CoinEdition
Published May 19, 2023 05:43AM ET
Updated May 19, 2023 06:00AM ET
Solana vs. Polygon: Top NFT Blockchains by Trading Volume
- DappRadar released a report on NFT sales and trading volume.
- The report unveils that Solana ranks highest for top NFT blockchains by trading volume.
- Solana competes with Polygon, which has a 26.9% dominance over NFT sales.
The latest NFT report by DappRadar shows that Ethereum’s dominance of the NFT market when it comes to NFT sales has slipped to just 5.7%. DappRadar also highlighted that the drop in Ethereum’s NFT sales dominance shows that the blockchain is primarily used by the NFT aristocracy.
The report reveals that Solana is right behind Ethereum, bagging the second spot with a trading volume of $22.7 million. The Solana blockchain represents 6.7% of the total NFT trading volume. It also has a 13% share of total NFT sales.
With a remarkable trading volume of $18.2 million and an impressive 26.9% dominance in NFT sales, Polygon has solidified its position as the most prominent blockchain in terms of sales count.
This achievement is a testament to Polygon’s recent strategic decisions, as it has become the preferred choice for numerous Web 2.0 projects aiming to launch NFT initiatives at a low entry price. Additionally, Polygon’s ecosystem includes a multitude of games incorporating NFT mechanics, such as Planet IX, The Sandbox, and Oath of Peak.
Polygon has also emerged as the most popular blockchain in 2023 so far. The data from NFT Data shows that Polygon’s popularity went up from 23% in 2022 to 41% in Q1 2023. This has also attracted some notable industry players, including Nike (NYSE:NKE), Reddit, and Starbucks (NASDAQ:SBUX).
The DappRadar data also showed that NFT sales could drop below $1 billion in May. According to the data, the trading volume currently stands at $333 million from 2.3 million sales.
The post Solana vs. Polygon: Top NFT Blockchains by Trading Volume appeared first on Coin Edition.
See original on CoinEdition
Get The News You Want
Written By: CoinEdition
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.