NFT market sees Ethereum and Solana go head-to-head

Ethereum and Solana are fighting two battles – growth in the trading market and growth in NFT marketplaces. Interestingly, it is a close call with a large dependence on the participation of members. Solana is leading in sales volume, while Ethereum is banking higher values. Solana has demonstrated robustness, while Ethereum has time-tested its reputation. All in all, it is an entertaining contest to watch out for, with both players gaining sufficient points in the NFT marketplace.

The action compares how factors have rolled out in the last 30 days. Solana has been able to mint over 32 million pieces of non-fungible tokens. Ethereum lags with just a million pieces. This is a difference of 31 million, which goes on to demonstrate that Solana is capable of handling large transactions and back scalability. Plus, it hints at being better when processing more transactions every second.

NFT creators have leveraged the speed of the blockchain – evident from the likes of STEPN, SMB Gen2, and Mad Labs, among others. They have played a crucial role in attracting attention and upticking trading volume. y00ts and DeGods have yet to make an impact after migrating to the ecosystem.

The sales volume of Ethereum stands at $193 million in comparison to $99 million on Solana. NFTs on Ethereum are commanding the market when it comes to leveraging the price factor. This is based on the reputation that Ethereum has built. This is in addition to being a go-to destination for buyers and sellers.

Solana bounces back into action with a higher number of active participants. The activity is higher on Solana than on Ethereum, which probably indicates that growth and innovation are being led by Solana instead of Ethereum. Also, it suggests that the community of Solana is more vibrant and engaging.

In the end, it comes down to the most talked about competition – trading. SOL and ETH have no match since Ether is one of the flagship cryptocurrencies globally with a higher tag. It is exchanging hands at $3,855.78, down by 1.09% in the last 24 hours. SOL, on the other hand, is hovering around $166.87, up by 1.21% during the same time window. ETH is aiming to achieve the milestone of $4,500 after successfully banking the psychological resistance of $4,000. SOL is poised to surpass $200 by the end of this year, provided it does stay above $160 for a little while.

The token trading sphere is filled with uncertainty and volatility. The NFT marketplace is comparatively resilient to that factor. Yet, the competition is less likely to change the course soon. Solana and Ethereum have their respective advantages. It is up to the community to make a call about their participation and engagement.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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Bitcoin (BTC) $ 64,279.22
Ethereum (ETH) $ 3,495.10
Tether (USDT) $ 0.99984
BNB (BNB) $ 588.33
Solana (SOL) $ 134.25
XRP (XRP) $ 0.487314
Dogecoin (DOGE) $ 0.124157
Cardano (ADA) $ 0.386648