Ethereum NFT Sales Decline As Polygon, Cardano, And Solana Gain Momentum

Despite the fact that the Ethereum blockchain maintains by far among the most widely used platform for minting non-fungible tokens (NFT), other layers 1 blockchain and layer 2 networks have recently seen slight increases in NFT sales.

The layer 1 blockchain Cardano, whose token is ADA, briefly surpassed the Ethereum scaling platform Polygon early on Monday, according to data from CryptoSlam, to become the fourth-most popular blockchain by NFT sales volume.

According to Crypto Slam, as of Monday afternoon, Cardano had dropped back to sixth place, behind BNB and Polygon, even though its sales had increased by 86% in the previous day. According to CNFT.io, two projects, Goofy Gophers and Spacebudz, have generated more than 185,000 ADA (about $70,000) in trading volume over the last 24 hours, which appears to have driven the increase.

Over the last seven days, sales volume has risen for other blockchains, including Solana (SOL). On April 22, Solana witnessed a spike in sales, unique buyers, and unique sellers, mostly as a result of the introduction of Mad Lads, whose mint was delayed due to enormous demand. 

According to Crypto Slam, the rush for the Mad Lads was a major factor in the $9.9 million in sales on April 22 — a record-breaking day for sales since January. Solana’s sales volume increased overall by 129% during the previous seven days.

Meanwhile, a Dune dashboard generated by NFT researcher Sealaunch shows that Polygon has seen an increase in sales volume over the past few days. It seems that the majority of the activity on OpenSea and Magic Eden has been driven by NFT collection Y00ts, which recently moved from Solana to Polygon.