Solana eclipses Ethereum’s trading volume as NFT sales witness a decline
Investor interest in non-fungible tokens (NFTs) has experienced a significant decline, marking the first time since early November. Despite this market downturn, Solana (SOL) has emerged as the second-largest network for NFTs.
Data provided by CryptoSlam reveals that global NFT sales volume has plummeted by 42% in the past 24 hours, reaching $64.3 million. Additionally, the total number of NFT transactions has decreased by 21%, falling to around 350,000.
These notable declines follow the recent peak in NFT sales volume, which reached $132.3 million on December 15th, marking the highest level since May 2022.
According to CryptoSlam, while the amount of wash trades has decreased by 16.5% to $6.5 million, the number of wash transactions has surged by 90.7%, surpassing 30,000 in a single day.
Solana has made significant strides in the NFT scene, surpassing Ethereum to become the second-largest blockchain for NFTs. With a 24-hour trading volume of $9.58 million, Solana has taken the lead, while Ethereum now holds the third spot with a sales volume of $9.57 million.
The decline in NFT sales volume may be attributed to the downward momentum of the broader crypto market. Recent reports indicate that digital investment products experienced outflows totaling $16 million last week, marking the first time in 11 weeks.
In conclusion, the decline in investor interest in NFTs, coupled with the rise of Solana in the NFT market, highlights the current state of the crypto industry.
