Bullish sentiments for Non-Fungible Tokens(NFT) appear to be driving the market towards a new significant milestone.
The NFT craze seems miles away from abating, with on-chain data pointing to many trades on the Ethereum chain. Data from Dune Analytics show that the transaction count on Ethereum for this week is on track to hit a new all-time high. This week, a projected 1.4 million transactions will be made to beat the previous high of just over a million record in January.
According to Twitter user @hildobby_, the tracker’s creator, the projection is based on specific metrics that aligned this week. He further revealed that the chart only accounts for sales on OpenSea, LooksRare, SuperRare, Rarible, Foundation, and LarvaLabs. It does not take into account mints or airdrops. Regarding the basis for the projection, he said,
It’s a linear projection based on the number of transactions that have already taken place this week. So: average tx count/hour this week/month thus far and then multiply by 24*7/24*30.
OpenSea Continues To Dominate The NFT Marketplace
As Ethereum NFTs continue their dominance of the NFT space, OpenSea has primarily remained the king among marketplaces. According to Dune Analytics, the platform holds a more significant percentage (54.3%) of the NFT market share.
In terms of transaction count, OpenSea has recorded over 21 million transactions. Its nearest rival, Rarible, has slightly above 1% of OpenSea’s registered number with 291.0 thousand. LooksRare comes in the third position with 110.4 million transactions on it.
Source: Dune Analytics
Finally, as seen above, LooksRare is OpenSea’s nearest challenger regarding transaction volume. The platform has a total recorded volume of $22.7 billion. However, it is still some way off Opensea which has $31 billion in transaction volume.
LooksRare’s massive trade volume has been attributed to rampant whitewash trades in its inorganic growth. However, it looks like it can give OpenSea a run for its money, but it would be content with a seat at the table for now.
Solana NFTs Gathering Steam
Meanwhile, NFTs in the solana ecosystem may want to give Ethereum based NFTs a run for their money. These digital collectables are domiciled on arguably the fastest blockchain and one of Ethereum’s primary challengers. They now seem closer to becoming a worthy opponent to the NFT blockchain giant.
Reports have revealed that the Solana blockchain has risen to third place in total NFT sales. It sits behind the Ronin network and Ethereum on the list, with total sales surging past $1.6 billion.
Recently, Solana NFTs have become popular among many traders. This is evident in its second-place position behind Ethereum in total sales in the last 30 days, according to Cryptoslam.
Source: CryptoSlam
Despite being in third place behind Ethereum and Ronin— Ethereum’s sidechain for the Axie Infinity game— Solana’s transaction volume will rise significantly this month. This is because of the expected integration of the network’s NFTs on OpenSea. Many experts believe Solana will surpass Ronin, whose bridge was recently hacked and take second place among NFT blockchains.
Do you think Solana NFT integration on OpenSea will significantly boost the ecosystem? Let us know your thoughts in the comments below.
Chris is a crypto enthusiast and a firm believer in the blockchain’s ability to create a new financial paradigm. Through writing, Chris hopes to expose the intricacies of this disruptive technology and how it is beneficial to Africans and developing countries. He aims to give readers a rational and unbiased outlook of the industry by equipping them with the necessary information to make enlightened investment decisions.
