The Solana network is gaining traction among nonfungible token (NFT) traders as total sales have surged past $1.6 billion, making it the third most active blockchain by NFT sales volume.
Data from NFT transaction tracker CryptoSlam confirm that total sales on Solana has reached the milestone. Solana’s visibility among traders is clear as it has also ranked second behind Ethereum (ETH) in total sales over the last 30 days.
The Ronin sidechain to Ethereum for the Axie Infinity game is still firmly in second place in the all-time figures with $4 billion in total sales, but the recent Ronin bridge hack stunted weekly and monthly numbers for the network.
Although Ethereum is still the leader by a vast margin with $21 billion in total sales, Solana is closing in on second place while creating greater distance from its own competitors.
Solana transaction volume is expected to rise after the NFT marketplace OpenSea integrates Solana onto its platform this month.
Looks like wash trading
The second biggest NFT marketplace by transaction volume, LooksRare, looks as if its still generating most of its volume through wash trading.
Bloomberg reported on April 5 that NFT tracker CryptoSlam data shows that about $18 billion, or 95% of the total trading volume on the platform is from wash trading.
Wash trading is when the operators or users of a trading platform create a series of back-and-forth trades in order to inflate seemingly organic trading volume. In the case of LooksRare, traders are incentivized to wash trade due to the platform’s rewards structure.
Investors who stake tokens on LooksRare are rewarded with LOOKS tokens and Wrapped Ether (WETH) proportional to the amount of transaction volume in the marketplace. The high volume of wash trading appears to be masking a drop off in the overall NFT market, with Dune Analytics data shows that leading NFT marketplace OpenSea’s volume has been dropping every month since January.
DappRader senior analyst Pedro Herrera said that organic trading was slowly starting to rise on…