• Contact Us
  • Affiliate Disclosure
  • Privacy Policy
  • Terms of Use
  • DMCA
Saturday, January 28, 2023
WongaNews.com
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading
No Result
View All Result
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading
No Result
View All Result
WongaNews.com
No Result
View All Result

Solana Sales Volume Surpasses $1 Billion

August 26, 2022
in NFT News
Reading Time: 2 mins read
A A
ShareShareShareShareShare

Related articles

L’Dezen Shines With NFT Fashion Accessories

January 28, 2023

Roots In Ego Spends a Year in the Voxels Metaverse

January 28, 2023

As CryptoSlam sales tracker reports, NFTs sales on the Solana blockchain surpassed $1 billion in all-time volume trade just last week.

Ethereum has been the most popular blockchain for NFTs for several years at this point. That’s primarily because it’s the first major blockchain to offer smart contracts. However, in recent months, Ethereum has been experiencing prohibitively high transaction fees.

Solana-based NFTs have gained popularity as an alternative in the latter part of 2020 and the beginning of 2021. And now, Solana has reached new levels of success.

When Did  Solana Surpass $1 Billion?

The crypto market has been all over the place this year. We’ve seen record highs and record lows. However, things have been seemingly stable in recent months, and now, investors and traders finally have something to feel truly excited about.

In August, Solana’s NFT ecosystem finally passed a major milestone. The total volume of the Solana Blockchain went over a billion dollars.

Solana has become one of the biggest players in the crypto world, and it will only continue to grow in popularity.

Last year, Solana switched to Metaplex as its main protocol. The developers managed to create a permissionless infrastructure for NFTs. Some 16 million out of 18 million NFTs on the platform have been minted using Megaplex.

Is This the First Time This Has Happened?

This is a big deal because it’s the first time that the total volume of NFTs on a single blockchain has surpassed $1 billion. Just last year, Solana’s highest weekly trade volume was just over $160 million.

That’s just a small fraction of what it is now.

Of course, Ethereum still holds the title for most NFT transactions. However, Solana is quickly catching up. At certain points of this year, Ethereum’s fees have been so high that many users have turned to Solana as an alternative.

Will This Push Solana Over the Top?

The Solana community has been steadily growing for over a year now. The company also has the 9th-largest cryptocurrency on the market. The most expensive NFT on the network was sold last September.

Everything is going rather great. However, when it comes to NFTs, Ethereum is still king. And from the look of things, will be for at least the next two years.

In reality, Solana lacks high-profile NFT projects like BAYC or CryptoPunks. These projects have made millions and millions of dollars and have been featured in some of the biggest publications in the world.

These NFT projects have entered the public consciousness. Even people unfamiliar with the crypto world know about these projects.

So, while Solana has made great strides, it still has a long way to go before it can truly dethrone Ethereum.

The Future is Looking Bright for Solana

Even though Solana might take a while to dethrone Ethereum completely, there’s no doubt it has a bright future.

The platform is quickly making progress and gaining ground. It has some of the biggest names in the crypto world behind it. And if Ethereum’s fees continue to rise, more and more users will be looking for alternatives.

Credit: Source link

ShareTweetSendPinShare
Previous Post

USDN loses peg again as Neutrino upgrade to “stabilize protocol” goes live

Next Post

Symbolic Capital Pulls $50m to Back Web3.0 Startups

Related Posts

L’Dezen Shines With NFT Fashion Accessories

January 28, 2023

Many of us already buy and wear jewelry in the physical world, but these days, sparkly gems are making their...

Roots In Ego Spends a Year in the Voxels Metaverse

January 28, 2023

Cinematic masterpiece, Roots in Ego, has spent the last 12 months thrilling visitors of the Voxels realm in its own...

Emergent Games Announces Resurgence on IMX

January 28, 2023

ImmutableX has added another major Web3 game to add to its growing collection of gems. Enter Resurgence, by Emergent Games! The...

Amazon is the Latest Tech Giant to Jump Into Web3

January 28, 2023

Amazon is planning to join the Web3 realm with its own NFT initiative as it turns out that the company...

Rescue Dog Fostering Arrives in Decentraland

January 28, 2023

The Metaverse has already proven to be a great place for humans to hang out in their virtual forms. However,...

Load More
Next Post

Symbolic Capital Pulls $50m to Back Web3.0 Startups

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Bitcoin core engineer loses more than 200 BTC to hack

January 2, 2023

Elizabeth Warren urges stricter regulation, says solution to crypto fraud begins with the SEC

January 26, 2023

Dormant address transfers 15k BTC after four years of inactivity

January 6, 2023

About Us

Wonga News is an online news portal that aims to provide the latest crypto news, blockchain, regulations, and much more stuff like that around the world. We promise to share only high quality content from the world's best crypto sources. Feel free to get in touch with us!

What’s New Here!

  • L’Dezen Shines With NFT Fashion Accessories
  • Meta Masters Guild Raises Over $1.5 Million During Presale with Just Days Left Before 23% Price Rise
  • How crypto turned Portugal into a promised land for entrepreneurs

Newsletter

Loading
  • Contact Us
  • Affiliate Disclosure
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2022 WongaNews.com - All Rights Reserved!

No Result
View All Result
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading

© 2022 - WongaNews.com - All Rights Reserved!

  • bitcoinBitcoin(BTC)$22,993.00-0.74%
  • ethereumEthereum(ETH)$1,574.49-1.60%
  • USDEXUSDEX(USDEX)$1.07-0.47%
  • tetherTether(USDT)$1.000.02%
  • usd-coinUSD Coin(USDC)$1.00-0.15%
  • binancecoinBNB(BNB)$305.69-0.49%
  • rippleXRP(XRP)$0.409945-0.24%
  • binance-usdBinance USD(BUSD)$1.00-0.05%
  • cardanoCardano(ADA)$0.3834070.31%
  • dogecoinDogecoin(DOGE)$0.0884401.82%
  • matic-networkPolygon(MATIC)$1.14-3.15%
  • okbOKB(OKB)$38.736.57%
  • solanaSolana(SOL)$24.08-1.30%
  • staked-etherLido Staked Ether(STETH)$1,572.12-1.21%
  • polkadotPolkadot(DOT)$6.40-1.15%
  • shiba-inuShiba Inu(SHIB)$0.0000121.19%
  • avalanche-2Avalanche(AVAX)$20.8511.73%
  • litecoinLitecoin(LTC)$87.93-0.39%
  • tronTRON(TRX)$0.063053-0.69%
  • daiDai(DAI)$1.00-0.13%
  • uniswapUniswap(UNI)$6.65-1.62%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$22,953.00-0.86%
  • cosmosCosmos Hub(ATOM)$13.250.63%
  • ToncoinToncoin(TON)$2.522.28%
  • chainlinkChainlink(LINK)$7.22-1.50%
  • leo-tokenLEO Token(LEO)$3.77-1.79%
  • moneroMonero(XMR)$183.313.50%
  • ethereum-classicEthereum Classic(ETC)$21.70-0.99%
  • AptosAptos(APT)$17.70-2.55%
  • bitcoin-cashBitcoin Cash(BCH)$133.01-2.03%
  • Aerarium FiAerarium Fi(AERA)$7.12-13.06%
  • stellarStellar(XLM)$0.092542-0.26%
  • apecoinApeCoin(APE)$6.01-3.89%
  • quant-networkQuant(QNT)$148.44-2.42%
  • nearNEAR Protocol(NEAR)$2.47-1.97%
  • crypto-com-chainCronos(CRO)$0.081003-0.23%
  • filecoinFilecoin(FIL)$5.28-1.97%
  • lido-daoLido DAO(LDO)$2.26-4.65%
  • algorandAlgorand(ALGO)$0.2560380.61%
  • vechainVeChain(VET)$0.023998-2.08%
  • hedera-hashgraphHedera(HBAR)$0.067587-2.52%
  • internet-computerInternet Computer(ICP)$5.92-3.83%
  • axie-infinityAxie Infinity(AXS)$11.41-0.85%
  • decentralandDecentraland(MANA)$0.714.67%
  • aaveAave(AAVE)$84.02-4.39%
  • eosEOS(EOS)$1.09-2.08%
  • the-sandboxThe Sandbox(SAND)$0.74-0.56%
  • fantomFantom(FTM)$0.448699-5.78%
  • elrond-erd-2MultiversX(EGLD)$44.50-0.52%
  • flowFlow(FLOW)$1.08-1.22%