The Solana blockchain has recently experienced a massive influx of activity – with its daily non-fungible token (NFT) trading volume across its major NFT marketplaces recording more than $115 million in the past week.
Data acquired from The Block confirmed that the number of new non-fungible tokens minted on Solana jumped to more than 300,000 on September 7 from just 39,000 NFTs on September 4, representing a more than 700% jump in three days. The recent spike is the highest since its all-time high in May.
Solana Reclaims Its All-Time High
Magic Eden, the most popular NFT marketplace on the Solana blockchain, experienced more than a 36 % increase in its NFT market share over the past week, up from just 12% at the beginning of this month. Metaplex has also seen a significant spike in NFT market share over the same period.
Solana’s bullish trend appears amid the broader NFT market downturn, which has left the floor prices of many digital assets shedding more than 60% in recent months. According to Dune Analytics, Solana fell 62% from its May record highs to July and declined further in August before recently retesting new record highs.
Although Ethereum is the most famous blockchain for NFTs – hosting popular blue-chip collections like Bored Aped Yacht Club (BAYC) and CryptoPunks – the Solana-based y00ts NFT collections and Abracadabra NFTs have emerged as some of the most popular collections over the past seven days.
According to DappRadar, y00ts NFTs generated more than $10.5 million in trading volume in the past seven days, while the ABC collection recorded over $2.1 million during the same period.
Remarkably, ABC collection has increased more than 94% in the past 24 hours. Many industry experts have related the recent daily influx in Solana with the performance of both ABC and y00ts NFT collections in the past seven days.
Will ETH Merge Impact Solana Adoption?
Ethereum anticipates rolling out its highly anticipated network upgrade, the Ethereum Merge, this week. The network upgrade will see the second largest blockchain shifting tens of millions of its profile pictures, collectibles, and pieces of digital artwork to a new consensus mechanism.
Ethereum, a major trading rival for Solana, will shift from its current Proof-of-Work (PoW) to a more cost-effective, energy-intensive, eco-friendly Proof-of-Stake (PoS) consensus mechanism, wiht The Merge promising to lower the cost of Ethereum transactions by more than 99%.
Since Solana also uses the same PoS consensus mechanism, many industry experts foresee stiff competition post-Merge. Ethereum hopes to attract many new NFT investors, who previously avoided its high transaction fees, among other network factors.
According to The Block, the cost to mint an NFT on Metaplex, a popular NFT marketplace on Solana, is about 30 cents. Although Magic Eden NFT marketplace charges no fees to mint NFTs, it does charge 2% as trading fees.
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