Original: Messari

While Solana's original dream was to compete with Ethereum in the DeFi space, it has already begun to expand its scalable tentacles into other Ethereum-dominated areas, especially NFTs.

As the Solana ecosystem continues to expand, NFTs on Solana as a category have likewise witnessed phenomenal growth. Total secondary NFT sales on Solana have officially reached $500 million.

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September of Solana

In the second month since NFT trading was launched, both the number of NFT projects on Solana and their respective trading volumes have seen a considerable increase. Solana's total turnover in September reached nearly $190 million, mainly supported by Degen Ape Academy, Aurory and Galactic Gecko Space Garage.

As the heat faded after September and October turned flat, sales of NFTs on Solana saw a slight decline. However, the overall secondary trading volume was still relatively high, with a trading volume of slightly more than 175 million US dollars.

As one of the first popular NFTs on Solana, Degen Ape Academy has benefited from the popularity of both being a first mover and ape as an asset class such as BAYC. However, the biggest sales for Degen Apes came from its first month, so it will be interesting to see if this much-loved Solana pfp (profile picture) NFT can maintain its lead on Solana.

Like Ethereum, a small number of projects own the majority of secondary transaction volume, further suggesting that even on Solana, the ultimate fate of NFT projects will resemble a long-tail distribution.

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Rising Sun: Solana NFT

Solana has already started competing with Ethereum on several NFT metrics.

Interestingly, the average sale price of Ethereum NFTs in October was $3,147, while the average sale price of Solana NFTs in the same month was $1,081. Solana's lower transaction costs may help pfp flip the market, which has caught the attention of ETH and SOL speculators.

Additionally, Ethereum’s NFT ecosystem has 132,879 unique buyers and 101,920 unique sellers, while Solana has 35% of Ethereum’s unique buyers and more than 50% of independent sellers. These numbers are a positive sign of Solana user adoption in the more mainstream market (NFT).

Notably, Ethereum still dwarfs Solana in total NFT secondary sales, recording an order of magnitude in volume in each of the past three months.

This article comes from Tao of Yuan Universe, reproduced with authorization.

This article comes from Tao of Yuan Universe, reproduced with authorization.