The daily sales volume of non-fungible tokens (NFTs) on the Solana blockchain has reached its lowest level in more than a year amid the prolonged bear market.
As per data by CryptoSlam, Solana NFTs’ daily sales volume has been hovering around $1 million for the past couple of days, a level not seen since early August 2021.
On November 5, Solana NFTs’ daily sales volume dropped to even below $1 million, down by around 98% compared to the all-time high of over $48 million recorded in late August 2021.
Solana NFTs Take a Plunge as Solana-Killer Aptos Goes Live
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. In late October, 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).
Is Aptos a Solana-Killer?
The term “killer” is often used in the crypto industry when discussing one blockchain that may one day overtake another in capabilities or popularity. You may have heard of the term “Ethereum killer” before, which describes a blockchain that may outshine Ethereum.
So, as you’ve likely guessed, a Solana killer is a blockchain that has the potential to surpass Solana. Over the past few months, people have speculated that Aptos may be a Solana killer. But why?
Though Aptos is still very much in its early days, many are excited about its possible ability to create a blockchain incredibly well-suited to smart contracts. This could make it a competitor to Solana, as it may become the perfect place to develop DeFi platforms, DAOs, and more.
But again, this is speculation. Many blockchains have been dubbed “x-killers” in the past, many of which never live up to the name. Note how none of the so-called Ethereum-killers ever managed to displace Ethereum? However, this doesn’t mean that blockchain killers cannot exist. Could Aptos actually deliver the technology and framework to outshine Solana?
So far, we haven’t seen much of Aptos. It’s mainnet launched in October 2022, but some interesting opinions have formed quickly since its launch.