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NFTs trade worth surpassed $1.5 billion on Solana

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NFTs trade worth surpassed $1.5 billion on Solana 6

Solana protocol hit another new milestone with its blockchain NFTs support but still much far from Ethereum.

Solana blockchain is a 6th ranked crypto project in the crypto industry by 24 hours trade volume and also in the present time, Solana’s Proof-of-history based protocol is a highly competitive feature, which is giving full support to facilitate microtransactions at low fees.  In the last 5-6 months, Solana achieved the position of Ethereum alternative blockchain network. 

According to the data available on CryptoSlam, Solana crossed $1.5 billion worth of NFTs trade volume on its blockchain network, which is itself its biggest achievement for it. 

NFTs trade worth surpassed $1.5 billion on Solana 5
Image by cryptoslam.io

To reach this journey, Solana facilitated 2 million transactions and in these transactions, there were a total of 314,910 buyers and 260,844 sellers of NFTs Digital items on the solana blockchain. 

In September of last year, Degenerate Ape Academy was the first on the Solana protocol-based NFT, which crossed the $1 million value trade. 

If we look at the trade volume on Solana network-based NFTs then we will find that it is 55%+ more over the last week. 

Last year, Banking giant JPMorgan predicted that Solana has huge potential to beat Ethereum in terms of NFTs based support because Solana is scalable over Ethereum. 

However, Solana is still lagging 20 times behind Ethereum network NFTs trade volume. 

Ethereum currently stands at $21 billion worth of trade Volume of NFTs in its blockchain ecosystem. So Solana is still far from Ethereum’s achievement and position. 

Solana Proof-of-history seems not powerful 

Solana introduced its Proof-of-history protocol a long time back and it is better for small blockchain transactions but due to the outage of the network, more than 2-3 times in the last 6-7 months was disappointing for the Solana network users. 

So here we can say that Solana will take a huge time to show its dominance in the world of crypto Industry because it is still in the beta phase, where the Solana project has a very small developer team. 

At present situation, we can’t consider Solana as a powerful blockchain, at least we can’t consider it as a decentralized blockchain Network because Proof-of-history is a biggest question, which is a usual reason of the decentralization in the network.

Read also: Locking system available in Metaverse of Shiba Inu token

NFTs trade worth surpassed $1.5 billion on Solana

 

https://bitcoinik.com/nfts-trade-worth-surpassed-1-5-billion-on-solana/feed/

https://bitcoinik.com/nfts-trade-worth-surpassed-1-5-billion-on-solana/feed/

 

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