Solana (SOL) NFT market has seen tremendous growth in April and May. Its users surged to 250,000 traders and it’s one of the fastest-rising NFT marketplaces. Data from Dune Analytics shows.
Solana NFTs Becoming A Big Market Player
Solana and Moonbirds perpetrated a major moment in the NFT space. April showed a 23% increase in Solana NFT trading volume, up from $6.3 billion in March.
That was only the third time the trading volume exceeded $6 billion, according to DappRadar’s monthly report.
With almost $300 million made in sales of NFT, Solana NFTs contributed about 0.0047% to the total trading volume, and struck a monthly increase of 91%.
Because of its performance speed, low gas fees, and security, Solana (SOL) has established itself as one of NFT’s important participants. Its big status is further supported by its track record of NFTs and initiatives spanning NFTs, Defis, and even more.
Coinbase NFTs compared to Solana NFTs
With the growing popularity of NFTs, it’s no surprise that Coinbase, the world’s second-largest crypto exchange, has decided to establish its own NFT platform.
The company launched its NFT marketplace to the public on April 20th, and according to Dune Analytics’ figures, they’ve only made $688,688 in total earnings. Worse, according to the same information, the total number of users is only 1,287.
Despite launching on 20th April, it took until May 4th before the NFT marketplace was open to all and the same source stated a downward movement in the number of users.
OpenSea, the world’s largest NFT marketplace has generated about $3.5 billion in NFT volume and has 350,000 users since its launch. In comparison to the relatively newly established Coinbase marketplace, there’s a difference of over 500,000% between the two.
However, an unidentified person with deep ties to Coinbase challenged this data. He argued that the number of transactions had been confused with the number of users.