The sale of NFT tokens on the Solana blockchain this week surpassed $18 million, dethroning Bitcoin from second place in the non-fungible token market.
The NFT market has witnessed an interesting resurgence this week, with Solana being one of the blockchain networks topping the weekly sales of these digital assets.
According to data from the CryptoSlam platform, the blockchain-based digital collectibles space has been abuzz with activity over the past 7 days, especially on the Ethereum and Solana blockchains.
The Solana blockchain has made considerable progress in the NFT market, taking advantage of its enormous potential and ability to carry out fast and accessible transactions to obtain $18,9 million in sales with this class of tokens. These sales underline the growing influence and potential of the blockchain in the digital collectibles ecosystem, managing to displace Bitcoin, the leading blockchain by market capitalization, to third place within this market.
Solana positions itself in 2nd place in the NFT market
Bitcoin, despite its dominance in the cryptocurrency sector, saw a downward shift in non-fungible token sales in the last week. Until now, the leading blockchain in the crypto market in terms of capitalization, had been positioning itself as the second most important blockchain for NFTs, driven by the sale of ordinals and runes. However, this changed this week, highlighting the changing and volatile nature of the crypto market.
Similarly, Polygon, despite its scalable Layer2 infrastructure, and Immutable, which was developed specifically for non-fungible tokens, witnessed a decline of over 20% in their weekly NFT sales, ranking fourth and sixth. of this market today, respectively.
Source: CryptoSlam
DogeZuki, Mad Lads and Froganas, among the most traded crypto collections this week
The most traded Solana-based non-fungible token collections this week were DogeZuki Collection, Mad Lads y Froganas, which are among the top 10 crypto collections of the last 7 days.
In the general area, pudgy penguins and the emblematic crypto collection Bored Ape Yacht Club (Bayce) of Ethereum; DMarket, by Mythos and NodeMonkes y Bitcoin Puppets, of Bitcoin, are also part of the Top 10 of the NFT market, with substantial sales figures for these digital assets in the last week.
On the other hand, the appeal of individual NFT collectibles continues to captivate the market, despite the sharp decline in activity within this crypto sector since the frenzy that occurred in 2021.
Currently, tokens like BOOGLE#089 from Solana, have reached a notable price, selling for more than $191.000 dollars. This demonstrates the potential of SOL network-based crypto collectibles as well as the wide range of opportunities for NFT collectors.
Solana, one of the best blockchains for NFTs
One of the most interesting applications of blockchain technology, and one that has been revolutionizing the digital world, are NFT tokens. These unique blockchain-based digital assets provide holders with immutable proof of ownership and authenticity, which has enabled them to have a wide variety of applications and use cases in various sectors, including art, music, video games , the tokenization of real-world assets, among others.
In this context, Solana is presented as one of the most efficient high-performance blockchains for the development and growth of the NFT market.
The blockchain offers fast and low-cost transactions, making it an ideal platform for non-fungible tokens, as they can be managed in high volume without compromising the speed of the chain or generating excessive commission fees. Experts point to these as especially important features for the growth and expansion of NFT markets, and to ensure users the ability to buy and sell non-fungible tokens quickly and efficiently.
On the other hand, Solana is based on the Proof of History (PoH) consensus mechanism, which offers a unique advantage for NFTs and allows it to guarantee that each minted token is unique and cannot be replicated or duplicated.
Smart contract functionality, on-chain liquidity, innovation and the constant growth of its ecosystem of market platforms focused on NFTs also make Solana a unique digital ecosystem for the development of a wide range of projects that nourish the sector. NFTs, so that it continues to progress and remains a vibrant and integral part of digital assets, despite the current challenges.
