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In numbers: All you need to know about NFTs on Ethereum and Solana chain

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TL;DR

  • Solana chain garners 1/10th the volume that Ethereum network sees
  • Average trade size on Ethereum is $246 while on Solana, $56
  • Notably, volume on Ethereum network dipped by 60% in last 4 months

Dune Analytics has released a new report that studies the activities of NFTs across the blockchains they are being hosted. The report claims that the platform looked into several aspects of activities across these blockchains. These activities include transaction volume, dominance, number of users, and growth, amongst other factors. In terms of where it gathered its information, the analysis platform used OpenSea, Coinbase NFT, and Rarible, among other marketplaces. However, this analysis will compare these activities across just Ethereum and Solana.

  • Daily transaction volume

The report looked at the transaction volumes of NFTs on both blockchains over 24 hours. While the Solana blockchain accounted for over $3 million, Ethereum had more than $19 million in its volume in the same period. A look at the average trade size in 24 hours showed that Solana registered about $57, while Ethereum had just $216.

  • Monthly transaction volume

In terms of transaction volume by month, the report considered the activities on both platforms over the last four months. During this period, September 2022 was the peak period of transactions on Solana, with about 157k users making more than $135 million in transactions. On the other hand, May was the best month on Ethereum so far, with more than 460k users making almost $5 billion in transactions.

  • Unique daily users

The report also considered the number of unique users on both chains over the same 24-hour period. While Ethereum registered more than 51,500 unique users in 24 hours, Solana registered more than 14,000. In terms of unique trades made in the same time frame, the Solana blockchain registered 53,000 trades, while Ethereum almost doubled the figure at 89,340 over 24 hours.

  • Unique monthly users

The report also compared daily buyers and the volume purchased on each blockchain over 24 hours. On Solana, the highest figure registered daily was about $3 million, with more than 16,000 users on September 11. Similarly, Ethereum registered its most daily buyers and volume purchased on July 6, registering more than $49 million by a little above 58k users.

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Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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