Solana (SOL) NFT Trades Moon Amid Crypto Crash

Solana NFT marketplaces have proven to be one of the fastest growing NFT marketplaces, after their number of users skyrocketed to 250,000 traders in just the months of April and May. This is according to data from Dune Analytics. 

Solana NFTs Making Rounds As A Big Game Player

A key moment in the NFT world was perpetrated by Solana and Moonbirds. April recorded a 23% increase from available data in March which saw $6.3 billion made in Solana NFT trading volume during the month. 

In a monthly report from DappRadar, that was just the third time the trading volume was in excess of $6 billion.

With almost $300 million made in sales of NFT, Solana NFTs contributed about 0.0047% to the total trading volume, and struck a monthly increase of 91%. 

Solana (SOL) has gained in its place as one of NFT’s key players due to its performance speed, low gas fees and security. Its big status is further confirmed by its record of a large number of NFTs and projects spread across NFTs, Defis and even more. 

Coinbase NFT Vs Solana NFTs

With the growing success of NFTs, it’s not much of a surprise that Coinbase which is best known for being the second largest crypto exchange in the world has taken the initiative to launch its NFT platform too. 

The company launched their NFT marketplace to the public on April 20th and according to a statistics on Dune Analytics, they’ve managed only a relatively meagre $688,688 in total earnings. Probably worse is the fact that the same data quoted the number of users to stand at just 1,287. 

Despite launching on 20th April, it took until May 4th before the NFT marketplace was open to all and the same source stated a downward movement in the number of users. 

OpenSea is known for being the largest NFT marketplace in the world and drawing a comparison between it and the fairly new established Coinbase marketplace, it’s made almost as much as $3.5 billion in volume of NFTs and with 350,000 users since Coinbase’s launch. That translates to over a 500,000% difference between the two.

An anonymous source with close ties to Coinbase questioned the data though. He argued the number of transactions was misunderstood for the number of users. 

Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO’s in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com

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