The NFT market experiences a shift in sales volume as Ethereum sales slump while Cardano, Solana, and Polygon gain traction. Read more about the rise of alternative blockchains in NFT sales.
The world of non-fungible tokens (NFTs) has exploded over the past year, with marketplaces such as OpenSea seeing increased activity since the start of 2023. NFTs are digital tokens that represent ownership of a unique asset, such as a piece of art, a video game item, or even a tweet.
Ethereum has long been the king of the NFT market, with its decentralized platform allowing for the creation and sale of a vast array of unique digital assets. It’s home to numerous high profile NFT collections and NFT games such as CryptoPunks, Bored Ape Yacht Collection, and more.
However, recent data from CryptoSlam has revealed that Ethereum’s grip on the market may be slipping, as other blockchains such as Cardano and Polygon are starting to gain traction.
According to CryptoSlam, the sales volume of Ethereum NFTs has shrunk by 12% over the past seven days, while the number of unique buyers and sellers on the blockchain has also dipped. This is in contrast to Cardano and Polygon, which have seen a spike in sales volume in recent days.
Cardano briefly overtook Polygon on NFT sales volume, and the latter has also experienced a significant increase in sales volume, likely due to the migration of the Y00ts NFT collection from Solana to Polygon. The Y00ts collection is a popular NFT collection that has been making waves in the NFT market, and its migration to Polygon has been seen as a significant win for the blockchain.
Solana, another blockchain that has been gaining traction in the NFT market, has also seen significant sales volume over the past week, thanks to the Mad Lads NFT collection. The Mad Lads collection, which features 8888 unique NFTs, has contributed $8 million in sales over the past week, bringing the spotlight to the blockchain.
The growth of NFT sales across alternative blockchains emerges as Ethereum has seen a slump in recent activity. While Ethereum is still by far the most popular blockchain for NFTs, the slump in sales has given other NFT collections on other blockchains a chance to shine.
This shift in the NFT market is not entirely surprising, as recent figures have revealed the NFT market is experiencing a once in a long time slump. Bluechip NFT collections, which are located in Ethereum, have fallen in value not seen since 2021.
While Ethereum remains the most widely used blockchain for NFTs, the emergence of alternative blockchains such as Cardano, Polygon, and Solana is a sign that the market is evolving and that there is room for competition.
Although the competition is interesting, it’s also a sign of how these different marketplaces can work hand-in-hand in revitalising the NFT market especially during a slump.
Edmond is a passionate writer for Video games, GameFi and Web3. He has worked for top GameFi companies and video game/crypto news websites.