Solana Making Moves: Overtakes Cardano and Sets Sights On NFT Dominance

Last updated: Mar 30, 2023
2 Min Read
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Solana has convincingly defeated the $200 level, hitting a new-time high yet again at $234. The run makes SOL the fourth biggest cryptocurrency on the market (excluding Tether) overtaking Cardano (ADA) which now sits at number 5.

Backing up SOL's price action is its emergence into the non-fungible token (NFT) arena, competing with other established blockchains. According to CryptoSlam, Solana is now the fourth biggest blockchain for NFTs. It ranks underneathe Flow, Ronin, and of course Ethereum. Notable NFT projects built on Solana include the Degenerate Ape Academy, gaming project Aurory, and Galactic Gecko Space Garage.

Image via Shuttersock

While Solana still has miles to go before its NFT volume comes anywhere near Etheruem, its growth trajectory is impressive, ostensibly coming out of nowhere over the last three months. According to DappRadar, Solana's top 3 NFT markplaces did nearly $35 million in transaction volume in less than a week last month.

Recently, electronic music icon Deadmau5 announced he would be teaming up with abstract artist Gregory Siff to release collectible NFTs on the Solana blockchain using the metaverse studio Looks Rare. Deadmau5 has released NFTs before, and has also performed a metaverse concert on Ethereum-based Decentraland.

While Solana continues its expansion into the NFT space, other high-profile apps also showcase their utility. Secretum, a decentralized, encrypted, messaging app with built-in crypto investing and trading platform also seeks to launch on the Solana blockchain. It allows for anonymous sign-ups, default encrypted messaging, self-destructing messages, no user-data gathering, and a host of other features that many people wish were included in traditional platforms.

With an emphasis on utility and use-cases permeating the digital asset investment space, Solana is finding itself in a comfortable spot. At the time of writing, Solana is trading at $225.

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