Aptos NFTs Gather Momentum as Solana NFTs Struggle
Aptos, which launched its mainnet last week and is backed by $350 million in VC funds, has seen a surge in demand for its non-fungible tokens (NFTs).
The network’s top project at the moment, Aptos Monkeys, has topped all other NFT collections across both Solana and Ethereum in terms of 24-hour trading volume.
Aptos NFT marketplace Topaz has amassed $5.46 million to date in NFT trades since its launch on October 18, based on the current price of APT, Topaz’s pseudonymous founder said.
Since launching on Tuesday afternoon, Aptos Monkeys alone have generated more than $2.3 million in trading volume (253,000 APT), according to data on Topaz. By contrast, the top selling collection on OpenSea right now is CryptoPunks, generating 559 ETH over the last day, or roughly $800,000.
Trading volume on Topaz is “basically doubling every day,” 0xclickbait said.
Aptos doesn’t yet have NFT data analytics platforms aggregating public blockchain data, but the figures provided by Topaz line up with the flood of transactions seen on the marketplace so far.
Topaz’s reported trading volume nearly matches that of Solana NFT marketplace Magic Eden over the last day. Magic Eden reports 58,100 SOL worth of NFT trades over the past 24 hours, which comes out to $1.8 million worth—compared to $1.71 million for Topaz during the same span.
Other data collected by analytics platform Dune suggests a mostly downward trading volume trend for Magic Eden over the past several days—from about 100,700 SOL on Friday dropping gradually to 58,400 SOL on Monday, although the marketplace saw a pop up to nearly 79,400 SOL on Tuesday.
Market-wide, data analytics platform Nansen reports that Solana NFT trading volume has dropped 33% over the past 30 days compared to the previous span—2.08 million SOL, down from 3.08M SOL—with suspected market-manipulating wash trades removed from the data.
Ethereum’s NFT market, meanwhile, is up nearly 6% during the same span.
What is Aptos?
Launched on October 17, Aptos is a Proof-of-Stake Layer 1 blockchain conceived by former Meta engineers. The protocol aims to leverage its new smart contract language, Move, in order to reach a throughput of over 100,000 transactions per second.
Though the Aptos mainnet is barely a week old, its NFT scene has already seen intense activity, with multiple marketplaces competing for trading volume over a couple of dozen collections.
Among the competing platforms, Topaz appears to have taken the lead. At the time of writing, the marketplace had reached total trading volumes ranging from about 82,000 APT ($779,000 at today’s prices) to 1,200 APT ($11,400) across its twenty largest collections (among several hundred listed), with the top four collections each recording more than 20,500 APT ($194,750).
According to the Topaz team, the marketplace reached $1.1 million in total trading volume within four and a half days of its launch; a day later, the number stood at about $1.8 million.
Read More:
Over 99.9% Support Proposal To Burn 80% Of Dogechain (DC) Supply
