Solana NFTs produced a higher trading volume over Ethereum’s in 24 hours due largely to the Trippin’ Ape Tribe NFT collection launch.
The shifting tides in the NFT space have never been more glaringly apparent than in the last 24-hour period that saw the Solana network yielding more NFT trade volume than Ethereum’s. It is primarily due to the newly-launched Trippin’ Ape Tribe project leading all NFT projects in terms of trading volume.
Solana NFT sales overtaking Ethereum’s further underscored the fact that the high-value Ethereum NFT market has been in a continuous slump since last week, with its trading volume crashing down.
NFT Market Data Spewing Facts
As per data released by CryptoSlam earlier today, secondary market sales by Solana NFTs generated almost $24.3 million in total during the preceding 24 hours. On the other hand, Ethereum sales totaled $24 million during the same period, but it was for all its marketplaces.
While the difference is modest between the two platforms, this is the first instance the smaller Solana market has taken over Ethereum in terms of a sales-generated dollar amount in 24 hours. According to CryptoSlam, Solana NFT sales were up 436% over the 24-hour span compared to the earlier window.
The surge in Solana NFTs sales volume is primarily because of Trippin’ Ape Tribe, a new Solana NFT profile picture (PFP) project launched on Magic Eden on Tuesday. Magic Eden is Solana’s leading NFT marketplace.
Trippin’ Ape Tribe NFTs are similar to Ethereum’s Mutant Ape Yacht Club (MAYC), featuring 10,000 distinctively illustrated apes bearing different bizarre visual features. On Tuesday, secondary market sales for Trippin’ Ape Tribe NFTs skyrocketed following its initial mint.
On minting day, the Trippin’ Ape Tribe scored over $14.5 million of Solana sales, making it the most popular project during that window. So much so that it beat other projects, both on Ethereum and Solana, by a wide margin. The Bored Ape Yacht Club (BAYC) came in second, which generated $3.5 million in sales.
Trippin’ Ape Tribe is the only other Solana NFT project to achieve this feat over other Ethereum and Solana collections after last month’s strong Okay Bears showing. The floor price for a Trippin’ Ape Tribe NFT stands at 51 SOL, or about $2360, on Magic Eden as of this writing.
What it Means for Solana
Overtaking Ethereum in NFT trading volume in 24 hours is further proof that the market is picking up serious steam. The Okay Bears sales, which now top $100 million in secondary sales in under a month, are another critical component of Solana’s rise.
Despite this, the Ethereum market remains generally valuable. Over the past week, CryptoSlam reported almost $206 million in trading volume for Ethereum compared to only $58 million for Solana. Taking data from the past 30 days, we’ll see a considerably wider gap, with $3.15 billion for Ethereum versus $333 million for Solana.
The Ethereum NFT market’s red hot performance at the end of April and during the start of May was due to the launch of NFT land plots for Otherside, another offering from the creators of BAYC. Although the launch was one significant hiccup, its strong showing cannot be denied, as it yielded over $1.2 billion in primary and secondary sales in under a month.
Nevertheless, Ethereum’s momentum stalled due to the crypto market crash a couple of weeks ago. The coming days will show whether Solana can sustain its rise or if Ethereum can break out of its slump and regain its footing.
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