Solana, a blockchain platform offering smart contract functionality using a proof-of-stake mechanism, has created a strong position in the crypto as well as NFT ecosystem. Launched in March 2020 by Anatoly Yakovenko, the platform is performing well and has achieved new heights in the increasingly competitive landscape. Solana surpassed Ethereum in the NFT industry.
What made Solana win the competition? Let’s take a look at the current performance of Solana.
Solana in NFT Environment
Solana’s #1 NFT market surpassed the NFT industry projects running over the Ethereum blockchain. The marketplace is just shocking the NFT industry by achieving new heights and upsurging nearly as many daily traders as all Ethereum-based NFT projects combined.
One of the main reasons behind this is Solana’s user-friendly and cost-effective blockchain. The blockchain is not only speedy but also has incredible access.
The blockchain, when combined with the NFT landscape, offers a new recipe that is more delicious than ever. The blending of Solana with the NFT is highly appreciated, offering mass adoption. Based on the recent news, the blockchain has rocked the NFT stage with its outstanding performance. However, Ethereum NFTs are also performing well in the NFT industry, giving tough competition to Solana and other blockchains.
Current Performance and Stats
The continuous ups and downs in the numbers just seek the attention of individuals towards the NFT space.
According to DeFiLlama, one of the biggest analytics panels for various DeFi protocols, Solana’s present total value locked (TVL) is around $306.8 Million. Solana is performing well, as per the recent analysis and reports.
Focusing on the current value, 1 SOL is priced around $18, representing a speed of growth and resilience. However, the price is not at its all-time high, but it’s still good when compared with other players in the NFT industry.
Solana NFT space is becoming more popular among NFT enthusiasts, providing a one-stop shop for all things Solana. In addition, anti-FUD measures taken by Solana enthusiasts to battle the upcoming FTX liquidation can be another reason for Solana’s rising popularity.
However, Ethereum, a decentralized open-source blockchain system featuring its own cryptocurrency, is a major competitor of Solana when talking about NFT. Ethereum holds a powerful and unbeatable position in the NFT industry, offering updated NFT marketplaces. Solana, on the other hand, is a growing NFT marketplace and is expected to achieve much more in the near future.
Considering the current price, the SOL price is $19.55, a hike of 2.52% in the past 24 hours, with a market cap of $8 Billion and a 24-hour volume of $192 Million.
Conclusion
Solana, one of the most efficient, scalable, decentralized, and secure blockchain platforms, is all set to shake the NFT industry in the near future. Solana’s #1 NFT Market beat the NFT industry running on the Ethereum network. Solana’s current TVL stands at $306.8 Million and is predicted to achieve new heights. Ethereum, on the other hand, is also performing well and is expected to give tough competition to Solana.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/09/24/solanas-1-nft-market-surpasses-nft-projects-running-on-ethereum/