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Solana has surpassed all other blockchains combined in weekly chain royalties from NFTs. According to SolanaFloor, a Solana news source, Solana earned $374K in royalties, capturing 55% of the total royalties across all blockchains. This is a significant lead, as the total royalty earnings from NFTs reached $678.6K.
Source: https://t.co/ay4jllEp0O
— SolanaFloor (@SolanaFloor) October 14, 2024
Ethereum Follows Solana in NFT Royalties, Earns $212K
Ethereum is second on the list with $ 212.9K in royalties and has 31% of the market dominance. Even though Ethereum reigns supreme in the NFT market, its revenues are significantly lower than Solana’s, which indicates the increasing use of Solana in the NFT market.
This is followed by Polygon with $73.6K in royalties asserting an 11% market share. Its share indicates that blockchain still remains relevant in the NFT market but is outperformed only by Solana and Ethereum.
Base Blockchain Earns $17.7K in NFT Royalties
Smaller blockchain Base received $17.7K in royalties while owning only 3% of the total. Although it is small, it indicates the vast number of blockchains involved in the NFT market.
The dominance of Solana in the royalties is yet another achievement for the blockchain and has placed it firmly on the map of NFT. Some of the reasons that could be attributed to the success of the platform include low transaction fees and fast processing time. Since Solana is still moving at a faster pace than its competitors, it can be stated that this platform is gradually becoming a leader in the actively developing market of NFTs.
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