Ethereum NFT Sales Dip as Cardano, Solana, and Polygon Pick Up Steam

Even though Ethereum remains the most popular choice for NFTs, smaller blockchain platforms are starting to see a boost in non-fungible token (NFT) sales. Recently, a few other blockchains have experienced a surge in sales volume.

On Monday, Cardano, a layer 1 blockchain, briefly surpassed Polygon as the fourth-most popular blockchain by NFT sales volume, according to CryptoSlam. However, Cardano has since dropped to sixth place, although sales have increased by 86% over the past 24 hours. Two projects, Goofy Gophers and Spacebudz, have led the charge, generating over 185,000 ADA in trading volume in the last 24 hours, according to CNFT.io.

Solana has also seen a surge in sales volume over the past week, with the release of Mad Lads generating over $8 million in sales on April 22 – the highest amount since January. Sales volume has increased by 129% in the past seven days.

Polygon has experienced a recent rise in sales volume, driven by NFT collection Y00ts, which recently migrated from Solana. However, overall NFT sales on Ethereum have decreased by 12% over the past week, with a decrease in unique buyers and sellers.

Despite a brief surge in trading for a few collections, the NFT market appears to have cooled recently, possibly due to the extended crypto winter. The number of unique users across top NFT marketplaces, including Blur, OpenSea, and LooksRare, fell to 7,805 on April 19 – the lowest since July 2021. Additionally, the number of sales across NFT marketplaces has fallen sharply, with 16,149 sales recorded on April 19, the lowest since November 2021. The numbers have recovered slightly over the past few days.