- Crypto analytics firm Messari shows that Solana, a layer-1 blockchain, is gaining ground on Ethereum in the NFT sector.
- Solana has the second-largest position in the NFT sector based on the secondary sales volume behind Ethereum, a smart contract platform.
- Solana’s DeFi sector decelerated and stabilized while its NFT ecosystem continued to surge, with the total number of daily users increasing to over 8 million.
In accordance with a recently released report shared by the crypto analytics firm Messari, it was shown that one layer-1 blockchain is growing strongly over Ethereum in the NFT sector. Furthermore, the report revealed that the second largest position in the NFT sector is held by Solana, and this was revealed on the basis of secondary sales volume, behind only Ethereum.
It is expected that by the end of the third quarter, the result can be different, and there are chances that Solana’s strategy might chip away at the dominance of Ethereum. The report revealed that irrespective of the fact that we are currently in a bear market, Solana’s position and strategy in the NFT sector have managed to remain strong.
Even though Ethereum is still leading the chart and dominates around 80% of the secondary NFT market, Solana is making significant moves to close the gap in sales volume. Over the quarter, the dominance of Ethereum dropped from around 85% to nearly 80%. Meanwhile, the share of Solana rose from around 10% to somewhere near 20%.
In addition to this, it should be noted that the report revealed that the overall usage of Solana had declined and stabilized in the third quarter as its NFT ecosystem expanded. Its NFT ecosystem continued to evolve, which was dissimilar to what happened with the DeFi sector of Solana, which decelerated and stabilized.
As per the report, the total number of daily new NFTs surged to more than 8 million, representing 19.3% growth quarter over quarter. This development continued after surging by 46.4% in the second quarter.