Solana (SOL) NFTs have started to explode

Solana intends to prove that Ethereum (ETH) is not the only blockchain to offer large non-fungible tokens (NFTs). And it seems to be starting to find its place: the creation of NFTs on Solana has exploded in recent weeks. What explains this enthusiasm?

Collections of Solana NFTs are exploding

According to data shared by analyst The Block, activity surrounding Solana’s NFTs is up sharply, even as their Ethereum counterparts are experiencing a rather lackluster end of summer. The number of non-fungible tokens produced (minted) on Solana has thus reached an absolute record at 312,000 copies September 7. A figure that was only 39,000 three days earlier.

Progression of NFTs produced on Solana

Transaction volumes related to NFTs have also logically increased, reaching an all-time high of $11.5 million on September 6. The NFT sales platform Solana Magic Eden has particularly benefited from this renewed interest, sinceit represented 36% of market share on September 7.

👉 To go further – The Magic Eden NFTs platform lands on the Ethereum (ETH) blockchain

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Solana’s NFTs find legitimacy?

When the first collections of NFTs were offered on Solana, they aroused some mockery. There were indeed still many copies of large collections available on Ethereum, like the Bored Apes. But the ecosystem seems to have moved away from itas Solana Foundation Development Manager Chase Barker pointed out:

One of the advantages of Solana’s NFTs is their low cost. Fees on Ethereum remain high, and some collections have reached staggering prices, which make them inaccessible for many investors. Consequently, several collections on Solana have started to be talked about – this is the case of y00ts for example.

This is therefore encouraging for the NFT sector on Solana. We also note that the volumes are very close. For the week of September 5, Solana NFTs accounted for $42.9 million in transactions, compared to $62.6 million at Ethereum. These are therefore serious competitors who come to hunt on the lands of the second largest blockchain.

👉 Also in the news – Actor Bill Murray has $186,000 in ETH stolen from NFT sale

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Source: The Block

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