![Why Ethereum [ETH] address outflows may be headed for DeFi](https://cryptonoiz.com/wp-content/uploads/2023/03/AMBCrypto_An_image_of_a_stylized_Ethereum_logo_with_arrows_poin_22f2aeff-c7bb-4c7d-aec7-547a37a35e82-1-1000x600-360x180.jpg){kind=logo}
In accordance with a latest retweet by Santiment, evidently the amount of Solana-based NFTs exceeded that of Ethereum. Properly, in actuality, the amount differs with a tiny but crucial issue.
It’s Solana and never Ethereum
The quantity charted within the tweet isn’t calculated in USD however within the blockchain’s native token. Thus, regardless of Ethereum observing solely 550k ETH value of NFT transactions, the overall quantity exceeds $550 million. Nevertheless, 1.3 million SOL value of NFT transactions, solely quantities to $43.39 million.
NFT quantity 🖼
Ethereum (left) vs Solana (proper) pic.twitter.com/WUsJFBxP58
— Alex Svanevik🐧 (@ASvanevik) July 3, 2022
Put merely, under no circumstances did Solana’s NFT surpass that of Ethereum. Properly, besides on one entrance. The overall transactions carried out all through the week on Ethereum got here as much as a bit of underneath 500k, whereas Solana famous nearly 630k transactions this week alone.
This 32.6% larger exercise on Solana does present that decrease prices can entice larger utilization, but it surely doesn’t quantity to a lot.
Solana NFT transactions this week | Supply: Nansen
On the macro time-frame, Solana’s NFT market has been observing a gradual decline by way of day by day quantity.
Within the final two months, the best quantity famous on MagicEden, the NFT market, which dominates 98.5% of all Solana NFT quantity, was 380k SOL ($12.6 million) that too again in Could.
Notably, over the identical time interval, the day by day NFT purchases on Solana have decreased by 78.85%. However Solana isn’t alone on this, as OpenSea on Ethereum can be experiencing the same conundrum.
Solana day by day NFT purchases | Supply: Dune – AMBCrypto
The day by day quantity of NFT transactions on Ethereum from their peak of $476 million in Could, dropped to only $15 million on 3 July. The truth is, the dropoff in transaction quantity from April to Could was surprisingly excessive as figures sank from $2.59 billion to $696 million.
Moreover, as of press time this month, OpenSea has already registered $43 million value of volumes. At this price, by the top of this month, {the marketplace} would solely file $344 million in transactions.
Opensea month-to-month NFT quantity | Supply: Dune – AMBCrypto
Apart from, with the broader market treading downwards, traders will solely hold themselves farther away from NFTs, so the determine may find yourself being right.
