Solana Becomes The Leading NFT Blockchain

The non-fungible token market is back in action after more than two months of agony, with non-fungible token collections created on Solana and Polygon leading the market resurgence.

Non-fungible token collections created on Solana and Polygon have led a market resurgence, with Solana becoming the leading blockchain network in the NFT ecosystem.

Solana NFT collections have amassed a trading sales volume of $5.07 million in the past 24 hours, surging 83% from the previous day. This marks the first time that Solana has taken over the NFT market leadership.

Solana is an open-source blockchain that supports smart contracts, including non-fungible tokens and a variety of decentralized applications. Today, Solana-based digital items have exploded in trading sales volume.

In the past 24 hours, Ethereum has been the second most-traded blockchain network, following Solana closely with a non-fungible token trading sales volume of $4.3 million. Polygon, an Ethereum scaling blockchain network, ranks third with a trading sales volume of $4.2 million.

During this time, Ethereum and Polygon NFT trading sales have surged 20% and 49%, respectively.

The former non-fungible token market general, Bitcoin, ranks fourth, with just a trading sales volume of $1.5 million. In the past 24 hours, Bitcoin-based non-fungible token sales volume has reduced by 34% from the past day. Bitcoin lost its market hype earlier this year, shortly after the halving event.

In our short analysis, we have identified some factors that caused Solana to record a sudden surge today. Among several factors that have fueled Solana’s growth include the sudden surge in its flagship non-fungible token collection, Mad Lads. In the past 24 hours, Mad Lads has seen its trading sales volume pumping over 68% to $1.3 million.

Launched in April 2023, Mad Lads is a non-fungible token collection from the Solana infrastructure development project Backpack that features a limited edition of 10,000 NFTs hosted on the Solana blockchain network. Today, Mad Lads ranks as the top-selling NFT collection, outpacing other dominant NFT collections such as Bored Ape Yacht Club and Milady Makers.

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