Solana NFT sales surge boosts Magic Eden as Ethereum demand cools

Solana (SOL) price has done well in the past few months as demand for its token and its ecosystem rose. The SOL token surged to a high of $126 on Tuesday, much higher than the post-FTX collapse low of $8.32. This rally has made it the fourth-biggest cryptocurrency in the world after Bitcoin, Ethereum, and Tether.

Solana chart by TradingView

Solana NFT sales surge

Solana’s price action has coincided with the remarkable rally of its ecosystem tokens. Bonk, its biggest meme coin, has risen by more than 7,000% from its lowest point in 2022. Similarly, other tokens like Solend, Raydium, and Orca have also spiked.

The market share of Solana in various blockchain industries has also grown. For example, Orca and Raydium have become some of the biggest players in the decentralized exchange (DEX) industry.

Meanwhile, there are signs that Solana NFT ecosystem is booming. Data compiled by CryptoSlam shows that the sales volume in the past 30 days has jumped by 392% to over $310 million.

Total buyers of Solana NFTs have risen by over 51% to over 73,780 while sellers have jumped by over 27% to over 68,700. Total transactions have risen to more than 4.1 million.

Froganas is one of the best-performing Solana NFT in the past few weeks. Its sales in the past 24 hours jumped by over 132% to over $4.2 million. The other popular Solana NFTs are Open Solmap and Index One.

Solana’s NFT performance has also helped some of its key marketplaces. Magic Eden, one of the biggest NFT marketplaces in the ecosystem, has seen its Unique Active Wallets (UAW) jump by over 133% in the past 30 days to over 225k. Transactions rose to almost 28 million.

Magic Eden UAW

Ethereum NFT sales falling

The situation is different in Ethereum, which was once a dominant player in the NFT space. The volume of Ethereum NFTs has dropped by more than 3.3% in the past 30 days to $375 million. Buyers and sellers have risen by 16% and 17%, respectively while total transactions tumbled by over 45%.

A major reason why Ethereum NFT sales have plunged is Bored Ape Yacht Club (BAYC), which was once the most dominant players in the industry. BAYC sales have dropped by more than 47% in the past 30 days to just $23 million. Transactions crashed by 49% while buyers and sellers also sunk.

Mutant Ape Yacht Club sales crashed by 20% in the past 30 days to over $13.7 million while transactions fell by 26%.

Bitcoin has also become one of the top players in the NFT space. Ordinals have become popular inscriptions with over $1.7 billion in total sales this year. As a result, ORDI token has been one of the best-performers in the industry.

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