Even though Ethereum is still by far the most popular blockchain for minting NFTs, smaller blockchains have seen interesting sales spikes in the past few weeks.
Despite the fact that the Ethereum blockchain remains by far the most popular choice for minting non-fungible tokens (NFT), other layer 1 blockchains and layer 2 networks have recently seen modest increases in NFT sales.
CryptoSlam data shows that layer 1 blockchain Cardano, whose token is ADA, briefly passed Ethereum scaling tool Polygon as the fourth most popular blockchain by NFT sales volume early on Monday.
According to Crypto Slam, as of Monday afternoon, Cardano had fallen to sixth place, behind BNB and Polygon, although its 24-hour sales had increased by 86%. CNFT.io reports that trading volume for Goofy Gophers and Spacebudz has exceeded 185,000 ADA (approximately $70,000) over the past 24 hours.
Over the past week, there has been a noticeable increase in sales volume for various blockchains, such as Solana (SOL). On April 22, Solana witnessed a significant surge in sales, as well as a rise in the number of unique buyers and sellers.
This was primarily attributed to the launch of Mad Lads, which received huge demand, leading to a delay in its minting process. On April 22, the Mad Lads generated over $8 million in sales, marking a significant high not seen since January, as reported by Crypto Slam. Solana’s sales volume has experienced a significant surge of 129% in the past seven days.
A Dune monitor put together by NFT researcher Sealaunch shows that Polygon’s sales have been going up over the past few days. It looks like the NFT collection Y00ts, which just moved from Solana to Polygon, has been responsible for a lot of the action on OpenSea and Magic Eden.
The increase in NFT sales on alternative blockchains coincides with the recent decline in Ethereum NFT sales. According to Crypto Slam, the sales volume on Ethereum has decreased by 12% over the past week, while the number of distinct buyers and sellers on Ethereum has also decreased.
Content Source: coindesk.com