Solana NFTs generated more money than Ethereum in a 24-hour period, thanks in part to the release of the Trippin’ Ape Tribe collection.
The tides in the NFT space have recently shifted. The high-value Ethereum NFT market has seen declining trading volume in recent weeks, but Solana NFTs are still growing — and in the 24-hour period from yesterday to this morning, the Solana network produced more NFT volume than the Ethereum network.
According to CryptoSlam data this morning, Solana NFT secondary market sales totaled nearly $24.3 million in the previous 24 hours, while Ethereum sales totaled $24 million across all marketplaces it monitors.
It’s a small difference between the platforms, but this is the first time the smaller Solana market has surpassed Ethereum in terms of dollar amount generated through sales in a 24-hour period. According to CryptoSlam, Solana NFT sales increased 436 percent over the previous 24-hour period.
This is largely due to the Tuesday launch of Trippin’ Ape Tribe, a new Solana NFT profile picture project on Magic Eden. It has a similar aesthetic to Ethereum’s Mutant Ape Yacht Club, with 10,000 randomly generated illustrations of apes with a variety of surreal visual features. Following Tuesday’s initial mint, secondary market sales of the project skyrocketed.
According to CryptoSlam, the Trippin’ Ape Tribe alone was responsible for over $14.5 million of that Solana total during that time period. This made it the most popular project during that time period, easily outselling all other Ethereum and Solana projects — the runner-up was Ethereum’s Bored Ape Yacht Club, which sold $3.5 million.
Okay Bears became the first Solana project to top that list last month, a feat it has repeated in the weeks since. Trippin’ Ape Tribe is the only other Solana NFT project that has risen above a slew of other Ethereum and Solana collections to claim the 24-hour throne. A Trippin’ Ape Tribe NFT costs 54 SOL ($2,600) on the Magic Eden marketplace as of this writing.
An NFT serves as proof of ownership for items such as profile pictures, digital illustrations, sports collectibles, and video game items. According to DappRadar data, the overall NFT market generated $25 billion in trading volume in 2021 as the market took off, and it is on track to surpass that volume in 2022.
Solana’s move to surpass Ethereum in 24-hour NFT trading volume is the latest indication that the Solana market is gaining traction. Another key indicator was the rise of Okay Bears, which has now surpassed $100 million in secondary sales in less than a month.
However, Solana’s transaction fees are a tiny fraction of those of Ethereum, making it much more affordable to do things like list and unlist NFTs and bid on items.
Having said that, the Solana NFT market has been experiencing its own challenges recently, including an increase in NFT minting bots — automated programs that try to overwhelm NFT mints in order to buy up as many as possible. On April 30, such bots crashed the entire Solana network, prompting the creation of a new “bot tax” that charges a fee for “invalid” transaction attempts.
While Solana is showing signs of progress, the Ethereum market remains far more valuable overall. Solana NFT trading volume on CryptoSlam has been nearly $58 million over the last seven days, compared to nearly $206 million for Ethereum. Over the course of 30 days, the difference widens to $333 million for Solana versus $3.15 billion for Ethereum.
The launch of NFT land plots for Otherside, an upcoming metaverse game from the creators of the Bored Ape Yacht Club, fueled the Ethereum NFT market in late April and early May. The sale was widely panned due to its format, but it was still a huge success — the NFTs generated over $1.2 billion in primary and secondary sales in less than a month.
However, momentum in the Ethereum NFT space has slowed since the crypto market crashed a few weeks ago. According to Dune data, OpenSea had only $29 million in Ethereum trading volume on Monday, compared to an all-time high of $476 million on May 1.
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