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Despite Ethereum still being the predominant choice for minting non-fungible tokens (NFTs), there has been a slight uptick in NFT sales on other layer 1 blockchains and layer 2 networks in recent times.

Based on data from CryptoSlam, Cardano - a layer 1 blockchain with its token ADA - briefly surpassed Ethereum scaling platform Polygon as the fourth most popular blockchain in terms of NFT sales volume on Monday.

According to Crypto Slam's latest report on Monday afternoon, Cardano had slipped to sixth place behind BNB and Polygon in terms of market capitalization. However, the cryptocurrency still saw an 86% increase in sales over the past 24 hours. This surge in activity appears to have been driven by the popularity of two projects, Goofy Gophers and Spacebudz, which generated over 185,000 ADA (approximately $70,000) in trading volume within the same time frame, as reported by CNFT.io.

Over the past week, several blockchains, including Solana (SOL), have seen a significant increase in sales volume. On April 22, Solana witnessed a surge in both unique buyers and sellers, as well as sales volume, largely due to the launch of Mad Lads, a project that had to delay its mint due to high demand. According to Crypto Slam, the rush for Mad Lads resulted in over $8 million in sales, out of the total $9.9 million in sales that day – a record high since January. As a result, Solana's sales volume has grown by an impressive 129% over the past seven days.

In recent days, Polygon has witnessed a surge in sales volume, as reported by a Dune dashboard compiled by NFT researcher Sealaunch. This growth appears to be largely driven by the migration of the popular NFT collection, Y00ts, from Solana to Polygon. The move has generated significant activity on popular NFT marketplaces such as OpenSea and Magic Eden. As a result, Polygon's increasing popularity in the NFT space has resulted in a notable rise in sales volume.

 

The expansion of NFT sales on alternative blockchains coincides with a recent decline in Ethereum NFT sales. According to Crypto Slam, Ethereum's sales volume has decreased by 12% in the past seven days, and there has also been a decrease in the number of unique buyers and sellers on the Ethereum platform.

It seems that the NFT market as a whole has cooled down during the prolonged crypto winter, with only a few collections experiencing brief spikes in trading over the past few months. According to data from SeaLaunch's Dune dashboard, the number of unique users on top NFT marketplaces such as Blur, OpenSea, and LooksRare dropped to 7,805 on April 19th, a level not seen since July 2021. The number of NFT sales across these marketplaces also declined sharply, with only 16,149 sales recorded on the same day, which is the lowest since November 2021. However, there has been a slight recovery in numbers over the past few days.

Source Coindesk