Solana Overtakes Ethereum in 24-Hour NFT Sales Thanks to Trippin’ Ape Tribe

Bishal Kumar Chanda
28.05.2022

As of late, the tides in the NFT space seem to be shifting. While the high-value Ethereum market appears to be sinking, Solana NFT trading volume has gone up in the last couple of weeks. Earlier this week, NFT sales on Solana surpassed those on Ethereum over 24 hours.

Solana NFT Sales Generated More Money Than Ethereum in 24 Hours

According to CryptoSlam data, Solana’s secondary market NFT sale generated nearly $24.3 million between May 24 and 25. In the same span, Ethereum NFT sales generated about $24 million across all marketplaces tracked by CryptoSlam. 

While the difference is relatively modest, this was the first instance of the smaller Solana NFT ecosystem overtaking Ethereum. In fact, Solana NFT sales were up 436% over the 24 hours compared to the day before. 

Trippin’ Ape Tribe crosses 300k SOL in secondary sales in 24 hours.

The massive spike in Solana NFT sales was primarily due to the launch of Trippin’ Ape Tribe. On Tuesday, the new Solana generative pfp project was launched on the Magic Eden NFT marketplace. Also, the collection is similar to Ethereum’s Mutant Ape Yacht Club, with 10,000 randomly generated unique ape pictures. Following its initial mint on Tuesday, the secondary market sales for Trippin’ Ape Tribe skyrocketed. 

Trippin’ Ape Tribe Collection Helped Solana Outperform Ethereum

Again, according to CryptoSlam, the Trippin’ Ape Tribe alone contributed over $14.5 million of Solana’s total NFT sales in that span. Thus, it became the most popular project, crossing all Solana and Ethereum projects considerably. Meanwhile, the second most popular NFT project was Ethereum’s Bored Ape Yacht Club, with $3.4 million in secondary sales. 

Last month, Okay Bears became the first Solana project to overtake Ethereum NFT sales, repeating the feat in consequent weeks. In fact, Trippin’ Ape Tribe is the only other Solana NFT project to get the highest secondary sales above all Solana and Ethereum NFT collections. At the time of writing, Trippin’ Ape Tribe has a floor price of 53 SOL (or $2,250) on OpenSea. 

Solana’s overtaking Ethereum in 24-hour NFT trading volume is the latest sign of the Solana market picking up serious steam. Previously, Okay Bear’s rise was another signal, with the collection now topping over $100 million in less than a month. 

Solana’s Magic Eden Overtakes OpenSea

Moreover, the Solana NFT marketplace has overtaken the top Ethereum marketplace OverSea in weekly users and transactions. However, the Solana blockchain’s transaction fees are a tiny fraction of Ethereum’s, making it more affordable for listing, unlisting, and bidding on items.

Magic Eden takes over OpenSea in NFT sales.

Meanwhile, OpenSea has recently integrated Solana NFTs but is yet to claim a significant market share. The bulk of Solana NFT sales still come from Magic Eden. Furthermore, Magic Eden plans to trade with native tokens of NFT projects such as DeGods and Aurory.

Final Say

While the Solana NFT ecosystem shows good growth, the Ethereum market is more valuable overall. However, the momentum of the Ethereum NFT space has become stagnant since the crypto market crash a couple of weeks ago. 

According to data from Dune on Monday, the OpenSea NFT marketplace registered just $29 million in Ethereum trading volume, which is very low compared to the $476 million recorded on May 1.

Stay on the pulse of NFTS

Gain access to exclusive interviews with industry leaders, think pieces, trend forecasts, guides and more

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
By subscribing, you agree to our Terms of Use and Privacy Policy

READ THIS NEXT

LATEST QUESTIONS
No items found.