Solana Stakes 14% Claim to NFT Market in Ecosystem Boost

Solana Stakes 14% Claim to NFT Market in Ecosystem Boost

  • Solana NFT sales have increased 8% in the last year, according to Delphi Digital.
  • The TVL for DeFi platforms on Solana decreased significantly in the same time frame.
  • Despite soaring NFT sales volumes, the price of SOL has not reflected a similar notable increase.

NFT sales volumes on Solana have reportedly increased from 2022, slotting in the ecosystem’s place as the second largest NFT marketplace after Ethereum despite recent downturns in the price of SOL.

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According to crypto research platform Delphi Digital, “Solana has grown significantly in market share” from claiming 6% of the NFT market sales volume to 14% in less than a year. The claim matches the data shared by aggregator Cryptoslam.

NFT sales values chart Ethereum Solana blockchain statistics

Source: @Delphi_Digital

The graphic presented by Delphi Digital indicates that the 8% rise in Solana’s NFT sales volume was the only notable increase in volume among leading NFT marketplaces.

A Leader of the Middle-Ground

The Ethereum blockchain claimed 81% of the NFT sales volume, down 5% from 86% in 2022. While Solana possessed 14% of the total NFT sales volume, the next highest is tied between Immutable X, Cardano, Polygon, Flow, and BNB, each with only 1% of the NFT sales volume from February 2022 to February 2023.

Immutable X, Cardano, and BNB have claimed new positions on the leaderboard for NFT sales volume, pushing Ronin and Avalanche aside. On the other side of the coin, Flow and Polygon retained their positions.

Carrying the Ecosystem

Delphi Digital further disclosed that Solana’s DeFi numbers have proven unable to hold a candle to the NFT sales volumes, going as far as to say Solana’s “NFTs are carrying the ecosystem.”

Solana’s DeFi overview on DappRadar similarly reveals that the total value locked (TVL) of DeFi platforms on Solana has suffered a blow, decreasing from $3.2B USD in February 2022 to just $238M in February 2023.

Despite soaring NFT sales, SOL has recorded a decrease in value, dropping to $20.55 at the time of writing, down 6.75% from its seven-day high of $23.91 on February 8th, 2023.

Potentially adding to the network’s apparent woes, Twitter user RaphaelSignal opines that Delphi Digital is misleading its readership with false claims.

Solana has recently undergone several developments, including new partnerships with Brave browser and Def Jam Records, which reflect the optimistic view shared by the network’s founders on January 31st, 2023.

On the Flipside

  • Solana (SOL) is outperforming Polygon (MATIC) in terms of NFT sales volume, despite holding a lower market capitalization, according to CoinMarketCap.

Why You Should Care

The Solana ecosystem is expected to continue undergoing sustainable growth throughout 2023 and should consequently retain its position as the second most prominent NFT marketplace after Ethereum.

Read more about Solana’s recent partnership with Brave browser:
Solana (SOL) Joins Forces with Brave Browser: Price Boost Ahead?

Read more about Solana’s recent partnership with Def Jam:
Def Jam Brings Whales to Solana (SOL) with NFT Band

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