Solana’s monthly NFT sales plummeted in May, which coincided with Bitcoin NFT’s spike. Solana’s secondary NFT sales fell by nearly 50% in May, to US$44.9 million from US$85.7 million in April. At the same time, NFT trading volume on the Solana blockchain also down 12.13% for the month.
The decline in Solana’s NFT market coincided with the sharp rise of Ordinals, a type of NFT on the Bitcoin network. According to data from CryptoSlam, Bitcoin’s monthly NFT selling volume has increased significantly, to US$189 million in May, up 474% compared to April. This has helped Bitcoin climb to second place in terms of volume. popularity in the NFT chain, replacing Solana.
Experts attribute the large shift in the Solana ecosystem to the impact of Bitcoin NFT. Since the launch of NFT Bitcoin in late January, Solana has experienced a significant drop. Yehudah Petscher, NFT strategist at Forkast Labs, said that the number of sellers, buyers and total transactions on Solana is down by almost 50% compared to before Bitcoin NFT came along.
The recent rise of the memecoin is also a cause for the drop in Solana’s NFT sales. Interest in memecoins increased in April, especially with tokens like Pepe and Floki being listed on major exchanges like Binance. Pepe has rallied nearly 7,000% in the two weeks following its April launch and is up more than 2,100% since launch, according to CoinMarketCap.
Solana’s NFT sales drop and Bitcoin NFT spike are changing the NFT market landscape and could pose a challenge to Ethereum’s dominance in the sector.
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