Solana and Bitcoin NFTs Steal the Spotlight from Ethereum in Web3
In a notable shift within the NFT marketplace, Ethereum, a long-standing leader in NFT trading, is experiencing a downturn in sales. This change comes as Bitcoin and Solana emerge as formidable competitors in the digital art collectible space.
Bitcoin’s Rising Dominance in NFT Sales
The Bitcoin network has seen a substantial increase in NFT trading, primarily due to the growing interest in ordinal inscriptions. These inscriptions enable users to mint NFT-like assets directly on the Bitcoin blockchain. Over the past month, there has been a staggering 500% increase in sales volume for this asset class, surpassing Ethereum’s figures for the same period.
Bitcoin’s ordinal inscriptions, known for being inexpensive to mint, have sparked significant demand on the network. This trend is indicative of a larger shift in the digital collectibles market, where innovative and cost-efficient methods for NFT creation and trading are becoming increasingly popular.
Solana’s Emergence in the NFT Arena
Solana’s blockchain has also made headlines, recording higher NFT trading volumes than Ethereum on a recent Friday. This surge is attributed to a series of strategic developments within the Solana ecosystem, including liquid staking protocol Jito’s airdrop of $165 million worth of its native token, which coincided with an uptick in NFT sales on the network.
Increased activity on Tensor, a Solana-based NFT marketplace, was observed following speculations of another potential airdrop. The “Tensorians,” a Solana-based NFT collection, saw a sales volume increase of over 100% in the past week, topping the charts on CryptoSlam.
Pudgy Penguins’ Foray into Online Gaming
In a significant development in the NFT-gaming integration, Pudgy Penguins debuted their online open-world game, Pudgy World Alpha, at Art Basel Miami. The game allows players to control avatars resembling the Pudgy Penguins, with the unique aspect that ownership of an NFT is not required to play.
This initiative expands on Pudgy Penguins’ existing partnership, which includes the launch of toy versions of the penguins in Walmart stores. Each toy features a QR code that unlocks a character in Pudgy World, linking physical toys to digital gaming experiences. Furthermore, NFT holders receive licensing royalties on toys corresponding to their Pudgy Penguins NFTs.
The Blockchain Mempool Surge
An intriguing aspect of this NFT market shift is the dramatic increase in Bitcoin‘s mempool, reaching an all-time high. Mempools, which gather all unconfirmed transactions awaiting validation on a blockchain, become congested with excessive transactions, leading to slower processing times and higher fees.
Additional Noteworthy Developments
In other news, Recordpool has released the Jackson 5’s first studio recording as a digital collectible on the Web3 music marketplace anotherblock. Moreover, the digital art arm of Sotheby’s is set to auction off its first set of ordinal inscriptions, further highlighting the growing interest in blockchain-based digital collectibles.
