Polygon, Cardano, Solana gain traction in NFT sales

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The sales of non-fungible tokens on alternative blockchain platforms such as Polygon, Cardano, and Solana have increased, while Ethereum NFT sales have declined. Coindesk attributed Ethereum NFT’s dropping sales to high transaction fees and slower transactions.

This trend highlights the evolving nature of the blockchain industry. As the market matures and competition increases, users demand a more efficient and cost-effective platform for their transactions.

Although Ethereum is still the most popular blockchain for creating NFTs, other layer-1 and layer-2 networks have experienced a slight increase in NFT sales.

Layer-1 networks like Cardano, Solana and Polygon have emerged as popular alternatives for creating and selling NFTs due to their fast transaction and low fees. These networks offer an attractive option for NFT creators and buyers who are looking for cheaper and faster transaction alternatives.

CryptoSlam, an NFT data aggregator, compiled data that shows how Cardano, a layer-1 blockchain with the ADA token, has briefly surpassed Polygon as the fourth most popular blockchain for NFT sales volume on early Monday.

In the afternoon, however, CryptoSlam provided an updated report that Cardano had dropped to the sixth position, behind BNB and Polygon, despite an 86 percent increase in sales over the past 24 hours.

The surge in sales was driven by the popularity of two projects, Goofy Gophers and Spacebudz, which generated trading volumes of over 185,000 ADA (approximately $70,000) in the last 24 hours, as reported by CNFT.io.

Solana NFTs have also seen their sales rise, with a notable surge on April 22. This was largely due to the release of Mad Lads, which contributed to over $8 million of the $9.9 million in sales on that day – a high not seen since January. As a result, Solana NFTs trading volume has grown 129 percent in the past week.

Similarly, Polygon NFTs have also witnessed an increase in sales volume. Polygon’s sales rose due to the migrating De Labs’ NFT collection Y00ts. NFT researcher SeaLaunch’s Dune dashboard showed that it had been a significant mover on popular online marketplaces OpenSea and Magic Eden since detaching from Solana.

Ethereum NFT’s dropping sales

CryptoSlam reports that Ethereum’s sales volume has decreased by 12 percent over the past seven days. Additionally, the number of unique buyers and sellers on Ethereum has also dipped, contributing to the decline in sales volume.

There could be several factors causing the recent drop in Ethereum’s sales. Other than the expensive gas fees and slow transactions, another possible reason is that the overall NFT market has cooled off amid an extended crypto winter, with only a handful of collections eliciting brief spikes in trading over the past few months.

The market has also become saturated with various collections and offerings, and this saturation could lead to buyers becoming more selective about which NFTs they purchase.

According to SeaLaunch’s Dune dashboard, the number of unique users across top NFT marketplaces like Blur, OpenSea and LooksRare hit a low of 7,805 on April 19. This number has not been seen since July 2021. Likewise, the sales recorded on April 19 sharply fell to 16,149, a low never seen since November 2021.

The uncertainty and potential risks associated with various regulatory actions by governments may also have made some NFT buyers more cautious, leading to a decrease in overall sales volume.

The NFT market is still relatively new and evolving, and its fluctuations are to be expected. While Ethereum remains dominant in the NFT market, other blockchain networks are gaining traction and may challenge Ethereum’s position in the future.


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