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Solana (SOL) NFT trades moon during crypto crash

Solana NFT markets have proven to be one of the fastest-growing NFT marketplaces, with 250,000 traders joining in just the months of April and May. This is according to Dune Analytics statistics.

Solana NFTs making the rounds as a major game player

Solana and Moonbirds marked a watershed moment in the NFT world. April saw a 23 % rise in Solana NFT trading volume compared to March, with $6.3 billion(R101B) traded during the month.

According to DappRadar’s monthly report, this was only the third time the trade volume exceeded $6 billion(R96.4B).

With about $300 million(R4.8B) in NFT sales, Solana NFTs generated around 0.0047 % of total trading volume and had a 91 % monthly increase.

The Solana NFT

Solana (SOL) has established itself as a prominent player in the NFT due to its high-performance speed, inexpensive gas fees, and security. Its huge position is further verified by its track record of a large number of NFTs and projects spanning NFTs, Defis, and even more.

Solana NFTs vs. Coinbase NFTs

With the growing popularity of NFTs, it’s not surprising that Coinbase, the world’s second-largest crypto exchange, has taken the initiative to develop its own NFT platform.

The company launched their NFT marketplace to the public on April 20th, and according to Dune Analytics, they have only earned $688,688(R11M) in total earnings. Worse, according to the same data, the number of users is only 1,287.

Despite its April 20th launch, it took until May 4th for the NFT marketplace to be open to all, and the same source reported a decrease in the number of users.

OpenSea is known as the world’s largest NFT marketplace, and when compared to the relatively new established Coinbase marketplace, it has produced about $3.5 billion(R56B) in NFT volume and has 350,000 members since Coinbase’s introduction. This equates to a difference of almost 500,000 % between the two.

However, an anonymous source with close ties to Coinbase questioned the statistics. He claimed that the number of transactions was misinterpreted in relation to the number of users.

Solana (SOL) NFT trades moon during crypto crash

Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at [email protected]

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