Recent data from the crypto analytics company Messari shows that Solana (SOL) is starting to challenge the dominance of Ethereum (ETH) in the market for non-fungible tokens (NFTs).
Messari says in a new analysis that Solana’s total use went down in the second quarter of this year, but that its NFT activity went up by a lot.
“After breaking out at the end of 2021 and the beginning of 2022, Solana NFT activity went up in the second quarter, even though the network’s traffic was going down and there was a lot of DeFi activity. Every day, more than 7 million new NFTs were made, which is a 46.4% rise in the number of daily new NFTs. In comparison, in the first half of 2022, there will be twice as many new NFTs as there were in all of 2021.
According to the market intelligence firm, the number of NFTs on Solana went up sharply in May and June after dropping to its lowest point in 2022 in March.
Messari says that the success of Metaplex, an open-source tool that lets users make NFT marketplaces based on Solana, the release of the Serum NFT collection, and the efforts to raise money for Solana’s own NFT marketplace, Magic Eden, are all factors in the rise of NFT activity on the Ethereum challenger.
“Even though the market is weak, Solana’s presence in the NFT sector is still an important part of its ecosystem. Based on the volume of secondary NFT sales, it is still the second-largest protocol, behind only Ethereum.
Messari says that Solana is doing well compared to other competing layer-1 protocols, even though Ethereum is still the leader in the NFT market.
Solana kept gaining market share compared to the other L1s in its peer group, even though Ethereum still had 85% of the market and was the leader in the number of secondary sales of NFTs.
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