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Aptos: NFT traders move away from Solana to APT since mainnet launch – Will price react?

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27
Oct
  • The APT token majorly benefits from Aptos Labs, which is committed to building products and apps on the former’s blockchain.
  • In most social media streets, Aptos has been referred to as the ‘Solana Killer’, whilst the latter gained popularity by marketing as the ‘Ethereum Killer’.

Aptos network, an independent high-performance PoS L1 project that leverages the Move programming language and the Move VM for application development, has been gaining traction over its competitors, including Solana (SOL), in the past few days. Developed by engineers behind Diem, DiemBFTv4, Narwhal & Tusk, BullShark, Block-STM, and Novi.

As a result, the Aptos network has attracted major funding from institutional and retail investors. Mid-July this year, the Aptos ecosystem announced a $150 million funding round led by FTX Ventures and Jump Crypto. 

Notably, the funding round also included new investments from Apollo, Griffin Gaming Partners, Franklin Templeton, and Circle Ventures.

The Aptos protocol has been trending in the recent past, according to statistical data provided by Coinmarketcap. As such, the APT token, Aptos network’s native token, has increased by 27 percent in the past seven days.

As of 10:17 AM UTC, the Aptos APT token traded at $9.26, 2 percent up in the past 24 hours. It is worth noting that the Aptos network has a market capitalization of $1,208,809,687, with the past 24-hour trading volume at around $433,305,661.

The APT token majorly benefits from Aptos Labs, which is committed to building products and apps on the former’s blockchain.

Since the project’s launch, it has made significant progress by listing on popular crypto exchanges. Currently, Aptos tokens can be traded on Binance, Digifinex, and Coinbase Exchange. 

Aptos network and the market outlook

In most social media streets, Aptos has been referred to as the ‘Solana Killer’, while the latter gained popularity by marketing as the ‘Ethereum Killer.’ For instance, the Aptos NFT marketplace, Topaz, has amassed $5.46 million since its debut on October 18. The top-selling NFT on Topaz has over $2.3 million in traded volume. On the other hand, the top-selling NFT collection on OpenSea right now is CryptoPunks, which has generated approximately $800,000 in the past 24 hours.

According to Topaz’s pseudonymous founder 0xclickbait, the NFT marketplace is basically doubling in traded volume every day. 

On the other hand, Solana NFT trading volume has dropped over 33 percent in the past 30 days. Nevertheless, some market strategists think the Solana network NFT activity is on a power break, and will soon moon.

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The Aptos network is well-armed to take on leading layer 1 blockchains like Ethererum’s beacon chain and Binance Smart Chain. Moreover, the network is well-funded and has experienced developers, perhaps with regulatory backing.

Meanwhile, the Solana (SOL) is trading at $31.51, 84 percent down in the past year. The SOL network has a market capitalisation of $11,353,841,717 and a 24-hour trading volume of $1,196,725,657.

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