Solana Leads in NFT Transactions

In a recent analysis of the NFT market, Solana (SOL) emerged as the leader in monthly NFT transactions, significantly outperforming both Bitcoin (BTC) and Ethereum (ETH). SOL recorded 5.2 million transactions, compared to BTC’s 550,000 and ETH’s 437,000. Despite this dominance, SOL’s monthly NFT sales volume dropped by over 40%, mirrored by declines in BTC and ETH sales by 62% and 52% respectively.
Interestingly, while SOL saw an increase in buyers and sellers, ETH outperformed in weekly sales volume with a 17% increase, whereas SOL and BTC saw declines of 18% and 37%. ETH also topped sales volume with over $40 million, compared to SOL’s $14 million.
In terms of price movement, BTC and ETH dropped by 4.4% and 3.4%, respectively, while SOL fell by nearly 10%. Additionally, social sentiment around SOL, BTC, and ETH turned bearish as their weighted sentiments decreased.