Solana beats Ethereum in 24 hour NFT sales for the first time in history, gears up for recovery


  • NFT sales on Solana exceeded that on the Ethereum blockchain for the first time in the two altcoin’s history.
  • 24 hour NFT sales on the Solana blockchain exceeded $25.5 million while on the Ethereum blockchain it was capped at $24.5 million. 
  • Ethereum creator Vitalik Buterin recently expressed his support for Solana and other ETH competitors. 

Solana ranks among the altcoins labeled as “securities” by the US Securities and Exchange Commission (SEC). The SEC’s clampdown on cryptocurrencies triggered a steep decline in SOL price and resulted in a delisting of the altcoin across crypto exchanges.

The total NFT sales on Solana exceeded that on Ethereum for the first time in the two altcoins’ history.

Also read: Attorney John Deaton says Judge Torres decision on SEC vs. Ripple is important to crypto for this reason

NFT trade on Solana explodes in a 24 hour timeframe

The total volume of NFT sales on the Solana blockchain crossed $25.5 million, based on data from tracker Sol Bulletin. At the same time, the NFT trade volume on the Ethereum blockchain exceeded $24.5 million, lagging behind Solana by nearly a million. 

NFT sales volume by blockchain

NFT sales volume by blockchain 

For the first time in the history of the two altcoin blockchains, Solana outperformed Ethereum. This is a key milestone for SOL as the asset is tackling selling pressure from the SEC’s crackdown and series of delisting across crypto exchanges and social trading platforms.

Solana price failed to catch up with the surge in the altcoin’s NFT trade volume. Interestingly, the DeFi protocols building on the Solana ecosystem are no match for Ethereum, therefore the NFT sales volume supported the theory of rising adoption and utility of the SOL blockchain.

DeFi data tracker DeFiLlama pegs the total volume locked (TVL) in the Ethereum blockchain at $26.7 billion, while for Solana it is a meager $265.57 million. If the NFT trade volume on the Solana blockchain continues rising, there is a likelihood of the protocol’s TVL climbing in the long term, fueling SOL price recovery.


Like this article? Help us with some feedback by answering this survey:


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

MANTA suffers 4% pullback after unlocking tokens worth $40 million

MANTA suffers 4% pullback after unlocking tokens worth $40 million

Manta Network (MANTA) unlocked over 8% of its circulating supply on Thursday. The unlocked tokens were airdropped and distributed in public sale, according to data from Tokenunlocks. 

More Cryptocurrencies News

XRP struggles to recover as lingering Ripple lawsuit could reach Supreme Court, former SEC litigator says

XRP struggles to recover as lingering Ripple lawsuit could reach Supreme Court, former SEC litigator says

The SEC vs. Ripple potential showdown at the Supreme Court is likely, says former SEC litigator Ladan Stewart. XRP Ledger calls developers, businesses and investors to build on the blockchain, extending Apex 2024 registration until April 30. 

More Ripple News

Bitcoin Layer 2 Merlin chain TVL climbs 20%, defying broad market correction

Bitcoin Layer 2 Merlin chain TVL climbs 20%, defying broad market correction

Merlin chain’s TVL added 20% this week, and crossed $800 million on Thursday. Bitcoin Layer 2 assets noted double-digit losses in the past week. Stacks, Elastos, SatoshiVM, BVM are hit by a correction as Bitcoin hovers around $61,000. 

More Bitcoin News

If Bitcoin restarts bull run, these altcoins are likely to explode Premium

If Bitcoin restarts bull run, these altcoins are likely to explode

If Bitcoin’s consolidation ends and the bull run resumes, altcoins are likely going to trigger a massive rally. Last cycle’s hot tokens like SOL, AVAX, WIF, ONDO, etc., could see renewed enthusiasm. 

More Cryptocurrencies News

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established. 

Read full analysis

BTC

ETH

XRP