Solana Monkey Business reshaping Ethereum’s NFT dominance

By Raffaele Redi

The collection of 5000 randomly generated SolanaMonkeys NFTs is stored on Solana

Solana Monkey Business - Monkey Square                                 
Two pieces of the SMB collection fetched a total of $3.4m in the last few days - Photo: solanamonkey.business
                                

Solana Monkey Business NFT was among the top NFTs collection in the last seven days for the first time.

This follows recent millionaire sales on the secondary market, with two pieces of the collection fetching $3.4m, according to Dapp Radar data.

The collection of 5,000 randomly generated SolanaMonkeys NFTs stored on Solana, with a current market cap of around $169m, could reshape the mining Ethereum’s NFT dominance with 82% of total NFT trading volume.

The increase in the price of ETH, currently at $4,848, high Ether transaction fees reaching a $50 level in November, according to BitinfoCharts.com data.

There is a decrease in some of the blue-chip NFT collections such as Crypto Punk and Bored Ape Yacht Club, which is “opening the door to a surge of other marketplaces that are not named OpenSea,” according to Dapp Radar researchers.

“Whilst the trading volume on Ethereum grew 1% MoM in October, OpenSea, the network’s most important marketplace, experienced a 14% drop in trades during the same period. For the second consecutive month, OpenSea has decreased on this metric, further supporting that the NFT space is not dependent on one single blockchain,” they said.

Solana NFTs on the rise

According to Dapp Radar, Solanart, the de-facto NFT marketplace on Solana, generated over $187.3m in trading volume in October, growing 13.79% MoM. For the record, Solana average transaction fees are much less than $1 as the blockchain improved processing speed.

“That level of sales leave Solanart as the third-largest marketplace by trading volume in October, only trailing incumbents OpenSea and Axie’s marketplace,” researchers said.

On the other hand, Cadalabs announced recently the Cadalabs NFTs & Crypto Collectibles Market, an NFT and digital collectables Defi platform, existing on the Cardano Blockchain.

Meanwhile, Scarce City’s Lightning Auctions debuted with bitcoin NFT art on the Bitcoin blockchain in the name of: “Bitcoin art should be sold according to bitcoin principles.”

Solana NFT borrowings

As Solana is getting a viable alternative to Ethereum for NFTs, several tools for Solana users are developing including the possibility of borrowing NFTs.

PARSIQ’s IQ Protocol announced the launch of Risk-Free DeFi renting for the Metaverse on Solana, allowing collateral-free lending and borrowing of NFTs and metaverse assets.

“As the metaverse will be made up of multiple connected worlds, each representing a different kind of experience for the participant, IQ provides the means for participants to utilize a DeFi layer for the digital assets in any of the digital worlds which they may enter,” said Tom Tirman, PARSIQ’s CEO & Co-Founder of IQ Labs.

This development could revolutionize the industry, as it will create a new economy for NFT holders and accessibility for borrowers who were previously locked out from owning certain assets,” he added.

Further reading: Christie’s auctions HUMAN ONE by NFT artist Beeple for $29m

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