This Layer-1 Blockchain Is ‘Narrowing the Gap’ With Ethereum (ETH) in Fight for NFT Sector: Messari

This Layer-1 Blockchain Is ‘Narrowing the Gap’ With Ethereum (ETH) in Fight for NFT Sector: Messari

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New data from crypto analytics firm Messari shows that one layer-1 blockchain is gaining ground on Ethereum (ETH) in the non-fungible token (NFT) sector.

According to a Messari report, Solana (SOL) has the second largest position in the NFT sector based upon secondary sales volume, behind smart contract platform Ethereum.

But in the third quarter, Solana is making moves to chip away at Ethereum’s dominance.

“Despite the bear market, Solana’s strategy and position in the NFT sector remain strong. Solana remains the second-largest network in terms of secondary sales volume, behind Ethereum, and is narrowing the gap.

Though Ethereum still dominates roughly 80% of the secondary NFT market, Solana is closing the gap in sales volume. Ethereum’s dominance dropped from ~85% on average to ~80% over the quarter. Solana’s share rose from ~10% on average to just under 20%.”

The report says that while Solana’s overall usage had declined and stabilized in the third quarter as its NFT ecosystem grew.

“Unlike Solana’s DeFi sector that both decelerated and stabilized, its NFT ecosystem continued to grow. The total number of daily new NFTs increased to over 8 million, representing 19.3% growth QoQ (quarter over quarter). For perspective, this growth continued after increasing by 46.4% in Q2 and is ~8.5x the level minted a year ago.”

At time of writing, Solana is trading hands at $30.69.

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Featured Image: Shutterstock/jm13129/Sensvector

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