New data from crypto analytics firm Messari shows that one layer 1 blockchain is gaining ground on Ethereum (ethereum) in the non-fungible token (NFT) sector.
According to Messari reportSolana (Sol) holds the second largest position in the NFT sector based on secondary sales volume, behind smart contract platform Ethereum.
However, in Q3, Solana is looking to undermine Ethereum’s dominance.
“Despite the bear market, Solana’s strategy and position in the NFT sector remains strong. Solana is the second largest network after Ethereum, closing the gap.
Ethereum still controls about 80% of the secondary NFT market, but Solana is closing the volume gap. Ethereum’s dominance dropped from around 85% on average to around 80% in the quarter. Solana’s share increased from 10% to just under 20% on average. ”
According to the report, overall Solana usage declined in the third quarter and stabilized as the NFT ecosystem grew.
“Unlike Solana’s DeFi sector, which has both slowed and stabilized, its NFT ecosystem continued to grow. The total number of new NFTs per day surpassed 8 million, a 19.3% quarter-on-quarter growth. Looking forward, this growth continues after a 46.4% increase in the second quarter, about 8.5 times the level minted a year ago.”
As of this writing, Solana is trading at $30.69.
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