Solana NFT marketplaces have proven to be one of the fastest growing NFT marketplaces, after their user base skyrocketed to 250,000 traders in the months of April and May. This is shown by data from Dune Analytics.

Solana NFTs making rounds like a Big Game player

A key moment in the NFT world was committed by Solana and Moonbirds. April recorded a 23% increase from available data in March, earning $6.3 billion in Solana NFT trading volume during the month.

In a monthly report by DappRadar, that was only the third time the trading volume exceeded $6 billion.

With nearly $300 million in NFT sales, Solana NFTs contributed approximately 0.0047% to the total trading volume and achieved a 91% monthly increase.

Source: Dune Analytics

Solana (SOL) has established itself as one of NFT’s key players due to its performance speed, low gas cost and safety. His stature is further confirmed by his record of a large number of NFTs and projects spanning NFTs, Defis and even more.

Coinbase NFT vs Solana NFTs

With the growing success of NFTs, it’s no surprise that Coinbase, which is best known as the second largest crypto exchange in the world, has taken the initiative to launch its NFT platform as well.

The company launched their NFT marketplace to the public on April 20, and according to Dune Analytics statistics, they’ve made only a relatively meager $688,688 in total revenue. Probably worse is the fact that the same data listed the number of users at just 1,287.

Despite launching on April 20, it took until May 4 for the NFT marketplace to be open to everyone and the same source reported a downward movement in user numbers.

OpenSea is known as the largest NFT marketplace in the world and makes a comparison between it and the fairly newly established Coinbase Marketplace, it has earned almost a whopping $3.5 billion in volume from NFTs since Coinbase launched and with 350,000 users. That translates to a difference of more than 500,000% between the two.

However, an anonymous source with close ties to Coinbase questioned the data. He argued that the number of transactions was misunderstood for the number of users.

Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years. Previously, he was a co-founder of Govt. of India supported startup InThinks and is currently editor-in-chief at Coingape and CEO at SquadX, a fintech startup. He has published over 100 articles on cryptocurrency and blockchain and has assisted a number of ICOs in their success. He co-designed an industry training for blockchain development and has conducted many interviews in the past. Follow him on Twitter @sharmasunil8114 and contact him at sunil (at) coingape.com

The content presented may contain the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication is not responsible for your personal financial loss.





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