2023 has so far proved a volatile year for the humble NFT. However, as Ethereum digital collectibles continue to flounder, NFTs on rival chains, Polygon, Solana and Cardano have begun to flourish. Despite Ethereum remaining the go-to blockchain for minting and distributing NFTs, data from various analytics platforms shows that interest in its NFTs has slowed down. In contrast, appetite for non-fungible tokens on other blockchains appears to be on the rise.
According to data from the NFT analytics platform CryptoSlam, Cardano briefly surpassed Polygon as the fourth most popular platform in terms of sales volume on April 24. This was largely due to increased interest in the Goofy Gophers and Spacebudz projects, which dominated the trading volume during the period. Although Cardano has since dropped back to number seven in sales volume as of April 26, it’s worth noting that the number of buyers and sellers on the platform has increased significantly over the past seven days, up by 42% and 51% respectively.
Solana also saw a jump in trading volumes over the past week following the release of the Mad Lads NFT collection. As of April 22, Mad Lads was responsible for $8 million of the $9.9 million in total sales recorded on the day, which helped Solana’s sales volumes shoot up by a whopping 129% over the past week.
Data compiled by Sealaunch, an NFT researcher using Dune analytics, shows that Polygon has also experienced positive momentum over the past few days. This can be attributed to the recent migration of yOOts from Solana, which has led to an increase in sales volumes for Polygon over the past week. Notably, yOOts is responsible for the majority of Polygon’s NFT trading volume on both OpenSea and Magic Eden.
Comparing to the volume total in the 30D, that’s 22% of OpenSea volume and 47% of MagicEden volume pic.twitter.com/VPRrh6Up1y
— sealaunch.xyz (@SeaLaunch_) April 21, 2023
Ethereum Sales Continue to Waver
While Solana, Polygon, and Cardano are experiencing a period of success, Ethereum’s situation is not as optimistic. The blockchain’s trading volumes have decreased by over 7% in the past week, and the number of transactions on the network is down by 18% over the same period. This downturn is particularly concerning as the NFT market is already showing signs of slowing down during an extended crypto winter.
The impact of this slowdown can be seen on a larger scale, as the number of unique users across top NFT marketplaces, such as OpenSea, Blur, and LooksRare, has taken a significant hit. According to data from SeaLaunch, this figure has dropped to 7,805 as of April 19, which is the lowest point since July 2021.
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Basil is an avid fan of blockchain technology and all its innovations, and he is passionate about sharing this narrative with his audience. He has spent over five years in the crypto space, specializing in research and creating Web3 content for various media outlets around the globe.