The Solana ($SOL) blockchain has just sold over $1.5 billion in non-fungible tokens (NFTs), putting it ahead of rival networks Polygon ($MATIC) and Avalanche ($AVAX) in terms of market capitalization.
According to CryptoSlam data, over 1.14 million customers purchased NFT coins worth over $21.8 billion in 8.6 million transactions, resulting in a total value of over $21.8 billion.
As a follow-up to the recent breach of Ronin, an Axie Infinity sidechain, a new attack has been launched.
Solana has moved up to third place in the rankings, generating $1.6 billion in income from 2.5 million transactions and 357,000 customers. Flow, which has a revenue of $1 billion, is the second most profitable company in the world.
Aside from that, it’s worth noting that the sidechain is referred to as Flow in the popular NFT game NBA Top Shot.
The Following Are Listed In Alphabetical Order
Flow, Polyon, WAX, and Avalanche. When it comes to NFT sales, Tezos, with a market capitalization of $24 million, and Waves, with a market capitalization of $22.9 million, are the top two other cryptocurrency networks in terms of market capitalization.
Sales volume in Solana’s ecosystem has increased as a result of the company’s expansion.
The cryptocurrency trading platform Coinbase, which is listed on the Nasdaq, said last month that its Coinbase Wallet desktop plugin would now support Solana and its SPL tokens, which had been previously reported by CryptoGlobe.
It was also reported that the cryptocurrency-friendly web browser Opera would include an integrated crypto wallet as well as compatibility for a number of important networks, such as Solan, Polygon, and Axie Infinity’s Ronin (together with Nervous, Celo, and IXO).
Increased Demand For SOL
In the previous few weeks, there has been an increase in demand for SOL.
In an interview with CryptoGlobe, Ophelia Snyder, co-founder, and president of the Switzerland-based company 21Shares AG revealed that some of the company’s most popular products at debut were those that provided exposure to the cryptocurrencies Solana and Polkadot.
According to JPMorgan researchers led by Nikolaos Panigirtzoglou, Solana, a competitor to Ethereum, is stealing market share away from the second-largest cryptocurrency by market capitalization, according to a report published in January.
According to experts, “congestion and high gas fees” have “inducted NFT applications to use other blockchains” as a result of “congestion and high gas fees.”
The most significant gain, according to analysts, has been Solana, which has displaced Ethereum as the market leader.