Solana flips Polygon, becomes second-largest network for NFTs

Solana flips Polygon, becomes second-largest network for NFTs

August 18, 2023

By Aniket Verma

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Solana recorded sales volumes of more than $1.5 million in the last 24 hours, placing itself just below Ethereum.

Thursday’s market mayhem caused SOL to become the eighth-largest crypto by market cap.

The non-fungible token (NFT) vertical of Web3 has failed to take off in 2023, unlike its fungible counterparts. Sales volume has hit historic lows, with implosions like the Azuki fiasco severely impeding its growth.

Solana [SOL]‘s NFT ecosystem was also at the receiving end of the negative sentiment, registering a decline in several key performance indicators (KPIs).

However, the adage—one moment down, another moment up—perfectly sums up the trajectory of the digital assets market. Over the last week, Solana flipped Polygon [MATIC] to become the second-largest blockchain for NFTs.

What changed for Solana?

The fight for the No. 2 spot heats up

According to NFT market tracking website Cryptoslam, Solana recorded sales volumes of more than $1.5 million in the last 24 hours, placing itself just below Ethereum [ETH], which was head and shoulders above the rest of the market.