Solana (SOL) Emerging As New Competitor to Ethereums NFT Dominance: Analytics Firm Messari

New data from crypto insights company Messari reveals that Solana (SOL) has emerged as a leading challenger in the non-fungible token (NFT) market for smart contract platform Ethereum (ETH). increase.

recently reportMessari said that while overall Solana usage declined in the second quarter of this year, its NFT activity has accelerated significantly.

Solana NFT activity accelerated as network usage and DeFi activity declined in the second quarter following the end of the 2021 breakout and the beginning of 2022. Daily new NFTs increased dramatically. And now it’s over 7 million newly created NFTs, showing 46.4% growth. Looking at it, the newly cast NFTs in the first 6 months of 2022 will be in 2021 as a whole. It’s twice the amount cast. ”

Market intelligence companies have revealed that NFT activity in Solana exploded in May and June after hitting a 2022 low in March.

According to Messari, the success of Metaplex, an open source tool that allows users to create Solana-based NFT marketplaces, the launch of the Serum NFT collection, and Solana’s own funding have increased NFT activity on Ethereum Challengers. increase. NFT Marketplace, Magic Eden.

“Ultimately, Solana’s position in the NFT sector remains a strong element of the ecosystem, despite the market downturn. It is the second largest protocol in secondary NFT sales. It will continue to be, second only to Ethereum. ”

Messari states that Ethereum maintains the overwhelming majority of activity in the NFT market, while Solana is on track compared to other competing Layer 1 protocols.

“Ethereum maintained its 85% advantage and managed the number one position in NFT secondary sales, but Solana continued to gain market share compared to the peer group’s alternative L1.”

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Featured images: Shutterstock / David Sandron / funstarts33