Solana surpasses Ethereum in NFT sales amid overall slump

Solana (SOL) NFTs surged to claim the second spot to surpass Ethereum (ETH) NFTs in sales as overall NFT sales last week experienced a decline of 12.26 percent or $463.87 million from the previous week.

NFTs associated with Bitcoin (BTC) still lead in sales, accumulating $265.61 million despite a 13.71 percent decrease from the week before. The highest-priced NFT of the week was “Deep Vision #05128” on Cardano (ADA), fetching $551,750. This was closely followed by Ethereum’s “Frxethredemption T” at $369,208 and BNB’s “Lockdealnft #91” closing at $329,824. Then there was Bitcoin’s “Bitcoin (BTC) Frog #8518,” which earned $137,957.

Among the top 10 NFT collections for the week, nine were based on the Bitcoin blockchain, with Solana’s only representative – the “Open Solmap” collection – ranking fifth and generating $10.24 million. This also means that Ethereum-based collections like Cryptopunks and Bored Ape Yacht Club (BAYC) experienced a drop in rankings, which raises questions about the future of these once-prominent NFT collections.

Closer look at Solana’s surge

Solana witnessed a surge after receiving support from Hivemapper, while Ripple (XRP) saw an increase in value following its collaboration with the Digital Monetary Institute. Furthermore, projections for Solana’s valuation suggest a potential increase of 73 percent by 2024, reaching $130.42 in a bullish market or $110.69 in a bearish scenario. Analysts anticipate a 75.9 percent potential rise in XRP’s value in 2024, with estimates ranging from $1.08 to $0.9284.

Additionally, NFT transactions on the BNB chain surged by 118.84 percent, with Arbitrum seeing a 39.48 percent spike and Avalanche enjoying a 28.74 percent increase compared to last week. Even with a slight decrease in NFT sales this week, the surge in NFTs centered around Bitcoin highlights the dynamic and evolving landscape of the digital collectibles realm.

Fueled by a boost in sales from the “Tensorians” NFT collection, Solana also witnessed a surge in trading activity, which ultimately made it surpass Ethereum for the first time since June. This achievement comes on the heels of Solana’s remarkable 75 percent growth in total value locked in decentralized finance (DeFi) protocols the previous month, establishing its status as a network that outperforms the wider cryptocurrency market.

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