Ethereum, the go-to blockchain for NFTs (non-fungible tokens), is taking a back seat to rival chains such as Polygon, Cardano, and Solana. According to data from various NFT analytics platforms, Ethereum’s NFT sales have slowed down, while NFTs on other blockchains are experiencing a surge in interest.
Data from CryptoSlam showed that Cardano briefly surpassed Polygon as the fourth most popular platform in terms of sales volume on April 24. This was due to increased interest in Goofy Gophers and Spacebudz projects, which dominated trading volume during the period. Although Cardano has dropped back to number seven in sales volume as of April 26, the number of buyers and sellers on the platform has increased significantly over the past seven days.
Solana also saw a jump in trading volumes following the release of the Mad Lads NFT collection. Mad Lads was responsible for $8 million of the $9.9 million in total sales recorded on the day, which helped Solana’s sales volumes increase by 129% over the past week.
Meanwhile, Polygon has also experienced positive momentum over the past few days, thanks to the recent migration of yOOts from Solana. This has resulted in an increase in sales volume for Polygon over the past week, with yOOts responsible for the majority of Polygon’s NFT trading volume on both OpenSea and Magic Eden.
In contrast, Ethereum’s trading volume has decreased by over 7% in the past week, and the number of transactions on the network is down by 18% over the same period. The NFT market is already showing signs of slowing down during the extended crypto winter, as the number of unique users across top NFT marketplaces has dropped to 7,805, the lowest point since July 2021, according to data from SeaLaunch.
Overall, while Ethereum remains the go-to blockchain for minting and distributing NFTs, rival chains like Polygon, Cardano, and Solana are gaining traction in the NFT space. It remains to be seen whether Ethereum can regain its dominance or if other chains will continue to chip away at its market share.