Solana surpasses Ethereum in 24h NFT sales

In the past 24 hours, Solana’s NFT daily sales volume increased, surpassing Ethereum’s for the first time since May 2022.

During a 24-hour period from June 30, the Solana (SOL) network produced more NFT sales in volume than Ethereum (ETH). This contrasts with the high-value Ethereum NFT market, which has recently declined in trade volume.

According to information provided by CryptoSlam, the sales of Solana NFTs on the secondary market generated close to $24.2 million over the previous day, while sales of Ethereum totaled $21.2 million.

Solana surpasses Ethereum in 24h NFT sales - 1 — Blockchain sales by NFT volume | Source: CryptoSlam

Despite the slight disparity between the platforms, this is the first time the smaller Solana market has surpassed Ethereum in terms of the dollar amount earned by sales over 24 hours in over one year. According to CryptoSlam, sales of Solana NFTs increased by 166.11% over that previous window’s 24-hour period.

Last year, Solana surpassed Ethereum in 24H sales volumes for the first time, reportedly fueled by Trippin’ Ape Tribe. The Trippin’ Ape Tribe was a brand-new Solana NFT profile image project that went live on Magic Eden in April 2022.

Trippin’ Ape Tribe accounted for over $14.5 million of Solana’s NFT sales total over the said period. As a result, it outperformed all other Ethereum and Solana initiatives during that time by a significant amount. Ethereum’s Bored Ape Yacht Club, which generated $3.5 million in sales, came in second.

OpenSea supports Solana NFTs

Soon, these achievements might become more typical. In a recent fundraising round, OpenSea, a major NFT marketplace valued at $13.3 billion, announced that it would now support Solana NFTs. Before Polygon (MATIC) NFTs, OpenSea was only a marketplace for Ethereum NFTs. Shortly after, OpenSea’s rival Rarible swiftly imitated OpenSea’s actions and enabled Solana NFTs on its platform.

Even though Solana is displaying several signs of growth, the Ethereum market continues to be considerably more valuable overall. According to CryptoSlam, Solana NFT trade volume over the past seven days has been close to $41 million, while Ethereum trading volume has been close to $166 million. The difference between Solana and Ethereum after 30 days considerably widen to about $380 million.