This Layer-1 Blockchain Is ‘Narrowing the Gap’ With Ethereum (ETH) in Fight for NFT Sector: Messari

2 min read

New information from crypto analytics agency Messari reveals that one layer-1 blockchain is gaining floor on Ethereum (ETH) within the non-fungible token (NFT) sector.

In accordance with a Messari report, Solana (SOL) has the second largest place within the NFT sector primarily based upon secondary gross sales quantity, behind sensible contract platform Ethereum.

However within the third quarter, Solana is making strikes to chip away at Ethereum’s dominance.

“Regardless of the bear market, Solana’s technique and place within the NFT sector stay robust. Solana stays the second-largest community by way of secondary gross sales quantity, behind Ethereum, and is narrowing the hole.

Although Ethereum nonetheless dominates roughly 80% of the secondary NFT market, Solana is closing the hole in gross sales quantity. Ethereum’s dominance dropped from ~85% on common to ~80% over the quarter. Solana’s share rose from ~10% on common to simply beneath 20%.”

The report says that whereas Solana’s total utilization had declined and stabilized within the third quarter as its NFT ecosystem grew.

“Unlike Solana’s DeFi sector that both decelerated and stabilized, its NFT ecosystem continued to grow. The total number of daily new NFTs increased to over 8 million, representing 19.3% growth QoQ (quarter over quarter). For perspective, this growth continued after increasing by 46.4% in Q2 and is ~8.5x the level minted a year ago.”

At time of writing, Solana is buying and selling arms at $30.69.

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