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Solana Surpasses Ethereum in NFT Volume Amidst Market Downturn

Solana (SOL) has emerged as the second-largest network for NFTs, marking a significant shift despite the market’s recent downturn.

CryptoSlam data indicates a substantial decline in global NFT sales volume, dropping by 42% in the last 24 hours to $64.3 million. Concurrently, the total number of NFT transactions decreased by 21%, totaling around 350,000 transactions.

This substantial drop occurred just three days after NFT sales reached a 20-month high of $132.3 million on December 15, reminiscent of levels seen in mid-May 2022.

Interestingly, while wash trades decreased by 16.5% to $6.5 million, the number of wash transactions surged by a remarkable 90.7%, surpassing 30,000 in a single day.

Solana’s Ascendancy

Traditionally, Ethereum has been at the forefront of the NFT ecosystem. However, with the advent of Bitcoin’s Ordinals, Ethereum briefly conceded its top position. The latest data from CryptoSlam reveals that Solana edged past Ethereum, clinching the second-largest spot for NFTs. Solana recorded a 24-hour trading volume of $9.58 million, nudging ahead of Ethereum’s $9.57 million in sales volume.

The decline in NFT sales volume might be attributed to the broader market’s downtrend. Recent reports indicate digital investment products experienced outflows totaling $16 million last week, marking the first outflow after 11 consecutive weeks of inflows.

Solana’s rise in NFT activity showcases the evolving dynamics within the NFT market amidst the overall crypto market’s fluctuations.

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