Since the start of the year, Ethereum’s dominance in the NFT industry has decreased, according to data from The Block. On the other hand, there has been a notable rise in the trading volume of NFTs on the Solana (SOL) and Bitcoin (BTC) networks during November and December.
Although Ethereum has historically been the most popular platform for NFT transactions, new evidence points to a change in the dynamics of the industry. There are a number of reasons for the increase in NFT trade volume on BTC and Solana, such as the fact that both networks process transactions more quickly than Ethereum and have cheaper transaction costs.
It will be interesting to watch if Ethereum can hold onto its lead in the NFT industry as it develops or if other blockchain networks, such as BTC and Solana, will continue to make headway.
