History Made as Solana Trumps Ethereum in 24-Hour NFT Trade Volume

The most successful Dapp to date, the trading card game Solana, eclipsed Ethereum in 24 hours for NFT trade volume. The new milestone is welcome news for developers and investors alike as it shows that Ethereum’s blockchain is still a viable platform and can withstand significant competition from other blockchains.

The Solana Project, a non-profit blockchain platform for decentralized applications (Dapps), takes the lead over Ethereum in 24-hour NFT trade volume. The project has also seen an increase of 10x in its token price on other exchanges due to FOMO selling from traders who bought tokens during their ICO.

The “nft trading platform” is a decentralized marketplace for trading NFTs. The exchange has seen an increase in trade volume during the last 24 hours, surpassing Ethereum’s market share.

Despite Ethereum’s dominance in terms of NFT trading volume, the heavyweight blockchain recently came in second place to Solana, its closest NFT blockchain challenger. This is the first time the smaller Solana market has ever surpassed Ethereum in terms of dollar-amount earned via sales in a 24-hour timeframe. 

The mint and subsequent secondary market sales of the Trippin’ Ape Tribe collection, which landed on Magic Eden on Tuesday, are largely to blame for Solana’s modest victory, which saw it render nearly $24.3 million in total trade, compared to Ethereum’s $24 million, according to data from CryptoSlam. Over the time period in question, the collection alone accounted for almost $14.5 million of Solana’s total transaction, contributing to the blockchain’s 436 percent rise in overall NFT trading volume during the same period. 

The Trippin’ Ape Tribe collection is the second Solana-based project to ever dominate the overall NFT trading volume chart for a 24-hour period, after last month’s Okay Bears project. To say the least, such chart-topping was a landslide, since the runner-up, Ethereum’s Bored Ape collection, only made $3.5 million in sales. 

The Trippin’ Ape Tribe project is a collection of 10,000 PFP style apes, each marked with an array of surreal visual features that resemble those of the Mutant Ape project, for those curious about the collection behind the turning-of-blockchain-tables (which we can assume will be of a temporary nature) (although some aptly come with a trippy background).

 

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