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

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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.

As sales of Ethereum NFTs have decreased recently, sales of NFTs on other blockchains have increased. According to Crypto Slam, the number of unique buyers and sellers on Ethereum has decreased while the sales volume has decreased by 12% over the past seven days.

In the past few months, a few collections have caused temporary increases in trade, suggesting that the overall NFT market has cooled during an extended crypto winter. Based on a Dune dashboard by SeaLaunch, the number of unique users across prominent NFT marketplaces like Blur, OpenSea, and LooksRare dropped to 7,805 on April 19, a level not seen since July 2021. 

According to the same data from Dune, the number of transactions across NFT marketplaces plummeted significantly on April 19 to 16,149. November 2021 was the last time the number of sales was this low. In recent days, there has been a modest recovery in the number of individuals.

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