Solana NFT Sales Outpaced Ethereum by 50% in 2022

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  • NFT sales count on Solana has increased by more than 440% in 2022 according to a DappRadar report
  • The rise is over 50% more than Ethereum’s 207%
  • Ethereum however topped the number of sales with Solana taking the fourth position

The NFT sales count on Solana exceeded that of Ethereum in 2022, rising by 440% against Ethereum’s 207%, according to a report by DappRadar. However, Ethereum beat Solana on the actual number of transactions to become the top blockchain with the highest number of NFT sales in 2022. The Wax blockchain registered the second-highest NFT sales with Polygon and Solana occupying positions three and four respectively.

Over One Million NFT Trades in 2022

According to DappRadar, there were 101 million NFT transactions last year with Ethereum contributing 21.2 million of that amount followed by Wax with 14.5 million transactions. Polygon and Solana accounted for 26.2 million sales cumulatively. Flow, Immutable X, Ronin and BNB Chain contributed 28.2 million combined with BNB Chain pouring the least at one million transactions. 

Among the eight top NFT protocols, Ronin recorded a decline in the number of sales compared to 2021 while BNB Chain achieved a 0.85% rise when pitted against the previous year. Ethereum still holds the biggest share of the NFT market at 21% which DappRadar attributes to the blockchain being home to the most popular digital collectibles such as Bored Apes and the recently launched Sewer Pass NFTs.

OpenSea and Magic Eden Take the Lead

The average transaction size across all blockchains fell throughout the year with BNB Chain and Wax recording the largest drop between Q1 and Q4 2022. Most NFT sales on Ethereum took place on OpenSea which commanded a 37% lead while Magic Eden accounted for 31% of all NFT trades on Solana. 

Ethereum and Cardano lead with the highest number of developer activity with Solana coming at a distant seventh place with an average of 96 daily developers throughout 2022. The high number of NFT transactions in 2022 defied the market downturn caused by the likes of the FTX saga, an indication that the NFT market is capable of riding the storm and returning to its former glory.