Messari Report: The Solana NFT Ecosystem is Booming, Cumulative Sales May Overtake NBA Top Shot

Original source: Messari

Although Solana The original dream was in DeFi The span> domain competes with Ethereum, but it has begun to extend its scalable tentacles into other Ethereum-dominated domains, notably < span class="font">NFT.

As the Solana ecosystem continues to expand, NFTs on Solana as a category have also seen phenomenal growth. Total secondary NFT sales on Solana have officially hit $500 million.

Solana's cumulative NFT sales are rapidly approachingFlow, if the current trend continues, its sales volume may exceed the largest in the Flow ecosystem The NFT project NBA Top Shot.

September belonging to Solana

On the second day of launching NFT transactions The number of NFT projects on Solana and their respective transaction volumes have seen considerable growth in the past month. Solana’s total turnover in September reached nearly $190 million, mainly supported by Degen Ape Academy, Aurory and Galactic Gecko Space Garage.

As the heat fades after September and turns into October The sales of NFTs on Solana have declined slightly, but the overall secondary transaction volume is still relatively high, with a transaction volume of slightly more than 175 million US dollars.

As one of the first popular NFTs on Solana, Degen Ape Academy has benefited from its popularity as a first mover and ape as an asset class such as BAYC. However, the biggest sales for Degen Apes are from its first month, so it will be interesting to see if this much-loved Solana pfp (profile picture) NFT can maintain its lead on Solana.

Like Ethereum, a few projects own most of the Level transaction volume, further indicating that even on Solana, the ultimate fate of NFT projects will resemble a long-tail distribution.

There are many types of Ethereum NFT projects, including games, trading cards, pfp, virtual land and others (eg Loot). However, the Solana NFT project is mostly made up of pfp-style projects, which is arguably the most speculative type of NFT on the market. Notably, various gaming projects have raised funds to build on Solana, such as Aurory, which was one of the first companies to conduct NFT sales. If Solana hopes to truly compete for NFT dominance, it must support other types of projects beyond collectible (and cute) pfp NFTs.

Rising Sun: Solana NFT

Solana has already started competing with Ethereum on several NFT metrics.

Interestingly, average Ethereum NFT sales in October The price was $3,147, while the average sale price of Solana NFTs in the same month was $1,081. Solana's lower transaction costs may help pfp flip the market which caused ETH and SOL speculators take note.

In addition, Ethereum's NFT ecosystem has 132,879 unique buyers and 101,920 unique sellers, while Solana has 35% of the number of unique Ethereum buyers and More than 50% of independent sellers. These numbers are a positive sign of Solana user adoption in the more mainstream marketplace (NFT).

Notably, Ethereum still dwarfs Solana in total NFT secondary sales, recorded in each of the past three months An order of magnitude of transaction volume.

However, volume is not a canonical metric to watch. Rather, the combination of these metrics and market context is important in determining the strength of the ecosystem's NFT market. So while Ethereum remains the dominant player in the NFT market today, Solana has clearly carved out its own niche for the pfp/avatar NFT project. Whether Solana can translate this initial energy into long-term NFT growth is yet to be determined, but current indications suggest that there are good reasons to be optimistic about Solana’s thriving NFT ecosystem.

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