Solana Flips Polygon, Becomes #2 Network for NFTs

• Solana [SOL] recorded sales volumes of more than $1.5 million in the last 24 hours, placing itself just below Ethereum.
• The non-fungible token (NFT) vertical of Web3 has failed to take off in 2023, unlike its fungible counterparts.
• Over the last week, Solana flipped Polygon [MATIC] to become the second-largest blockchain for NFTs.

Solana Becomes Second Largest Network for NFTs

Solana [SOL] has recorded sales volumes of more than $1.5 million in the last 24 hours, making it the second-largest blockchain for NFTs after Ethereum. This comes as competition in the creative Web3 vertical heats up and sales volume hits historic lows due to implosions like the Azuki fiasco severely impeding its growth.

Rise of The Heist: Orangutans

The boost in Solana’s NFT fortunes possibly came from the popular gaming-based NFT collection, The Heist: Orangutans, which renewed for a second season recently. According to a post on Twitter dated 17 August, The Heist: Orangutans was one of the top-performing NFTs in the market, briefly going past Polygon-based DraftKings and even blue-chip collections in sales volume.

Competition Heats Up

Thursday’s market mayhem caused SOL to become the eighth-largest crypto by market cap and is likely to retain its No. 2 spot as Polygon braced for tougher competition from other players such as Mintable and EnjinX . With new projects sprouting up regularly across different sectors like art , music , Esports , and gaming , it remains to be seen how far Solana can go with its newfound success story with regard to NFTs.

Azuki Fiasco Impacts Growth

The non-fungible token (NFT) vertical of Web3 has failed to take off this year due to several issues such as low liquidity, lack of infrastructure support , high transaction fees , and most notably –the Azuki fiasco–severely impeding its growth. As a result, many projects have been forced into hibernation while others are trying hard just for stay afloat .

Conclusion

As competition in creative Web3 continues heating up between projects like Solana, Polygon, Mintable and EnjinX , only time will tell who eventually emerges victorious from this race . It is clear that these platforms need additional infrastructure support so that they can better handle user demand and offer better services without compromising on security or performance standards .