Due to the debut of the Trippin’ Ape Tribe collection, Solana NFTs produced more trading volume than Ethereum in a 24-hour period.
Lately, the NFT market has been evolving. The high-value Ethereum NFT market has experienced a drop in trade volume in recent weeks, but Solana NFTs are still growing—and the Solana network produced more NFT volume than Ethereum’s over the last 24 hours from yesterday to this morning.
According to CryptoSlam statistics released this morning, Solana NFT secondary market sales totaled approximately $24.3 million in the previous 24 hours, while Ethereum sales totaled $24 million throughout all of the markets it tracks.
Although the difference between the platforms is minor, this is the first time the smaller Solana market has overtaken Ethereum in terms of the dollar amount earned through sales during a 24-hour period. Solana NFT sales were up 436 percent in those 24 hours compared to the prior window, according to CryptoSlam.
This is partly owing to the Tuesday launch of Trippin’ Ape Tribe, a new Solana NFT profile photo project on Magic Eden. It has a similar aesthetic to Ethereum’s Mutant Ape Yacht Club, featuring 10,000 randomly produced pictures of apes with a variety of surreal visual elements. Following Tuesday’s first mint, secondary market purchases of the project surged.
According to CryptoSlam, the Trippin’ Ape Tribe alone was responsible for more than $14.5 million of the Solana total during that period. This made it the most popular project during that time frame, outselling all other Ethereum and Solana projects by a large margin—the runner-up being Ethereum’s Bored Ape Yacht Club, which sold for $3.5 million.
The fact that Solana has surpassed Ethereum in 24-hour NFT trading volume is the latest indication that the Solana market is gaining traction. Another important detail was the growth of Okay Bears, which has already surpassed $100 million in secondary sales in less than a month.
Magic Eden vs OpenSea
In terms of weekly users and transactions, the leading Solana NFT marketplace Magic Eden has surpassed the top Ethereum marketplace OpenSea. However, Solana’s transaction costs are a minuscule fraction of those on Ethereum, making it cheaper to perform listing and delisting NFTs and bid on products.
OpenSea recently introduced support for Solana NFTs as well, although the company has yet to grab a major part of the market. Magic Eden continues to dominate the Solana market in terms of sales volume, and it wants to expand its Solana-native emphasis by allowing users to deal with the native tokens of NFT projects like DeGods and Aurory.
The Solana NFT market has been experiencing its challenges recently, including an increase in NFT minting bots—automated programs that aim to overload NFT mints to buy up as much as possible. On April 30, such bots downed the whole Solana network, prompting the establishment of a new “bot tax” that charges a fee for “invalid” transaction operations.