- Solana’s NFT market dominance was challenged by declining transactions and migrations.
- The ecosystem also saw a decline in users’ interest; however, the SOL token did not suffer.
Solana was performing well in the NFT market over the last 30 days. According to data provided by Delphi Digital, Solana outperformed most cryptocurrencies in terms of NFT volume and managed to secure the second position.
However, despite this impressive performance, a decline in transaction count and major NFT collections’ migration to other chains, could pose a significant threat to Solana’s dominance in the NFT market.
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Top chains by NFT volume (30 days)
🥇@ethereum
🥈@solana
🥉@0xPolygon
4️⃣@Immutable
5️⃣@Cardano
6️⃣@flow_blockchain
7️⃣@BNBCHAIN pic.twitter.com/trNHUxk1fB— Delphi Digital (@Delphi_Digital) January 21, 2023
Eat the blue chip
One of the key factors contributing to Solana’s success in the NFT market has been the growth of Blue chip NFTs in its ecosystem.
Well, their…
