{"id":2025,"date":"2023-06-02T14:17:52","date_gmt":"2023-06-02T14:17:52","guid":{"rendered":"https:\/\/solanacrypto.news\/2023\/06\/02\/solanas-nft-sales-dive-as-bitcoin-ordinals-surge\/"},"modified":"2023-06-02T14:17:52","modified_gmt":"2023-06-02T14:17:52","slug":"solanas-nft-sales-dive-as-bitcoin-ordinals-surge","status":"publish","type":"post","link":"https:\/\/solanacrypto.news\/2023\/06\/02\/solanas-nft-sales-dive-as-bitcoin-ordinals-surge\/","title":{"rendered":"Solana\u2019s NFT sales dive as Bitcoin Ordinals surge"},"content":{"rendered":"
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Solana\u2019s secondary non-fungible token<\/a> (NFT) sales dropped nearly 50% in May, to US$44.9 million from US$85.7 million in April. The Forkast SOL NFT Composite<\/a>, a measure of NFT activities in the Solana blockchain, also decreased by 12.13% throughout May.<\/p>\n

The dip in Solana\u2019s NFT market coincides with a surge in Ordinals<\/a>, a type of NFTs on the Bitcoin network. Bitcoin\u2019s monthly NFT sales volume skyrocketed by 474% in May, reaching over US$189 million, according to CryptoSlam<\/a> data. This boost positioned Bitcoin as the second most popular NFT chain, a title often held by Solana.<\/p>\n

\u201cThe single reason for the major change in the Solana ecosystem is simply the impact of Bitcoin NFTs,\u201d said Yehudah Petscher, NFT strategist at Forkast Labs. \u201cSince Bitcoin NFTs launched at the end of January you can see Solana\u2019s numbers steadily decreasing. Sellers, buyers, total transactions, are all 50% or less than they were prior to Bitcoin NFTs.\u201d<\/p>\n

Bitcoin\u2019s monthly NFT sales multiplied by more than six-fold, growing from US$32 million in April to US$195.7 million in May. The Bitcoin blockchain recorded its 10 millionth Ordinals inscription on Monday, Dune Analytics data<\/a> showed.<\/p>\n

\u201cPeople who use Solana are likely already Bitcoin users, but it doesn\u2019t work the other way around. I would assume that many who use Bitcoin don\u2019t touch other chains other than Ethereum. The point here is that the Bitcoin blockchain appeals to every single crypto and NFT trader, and the same can\u2019t be said for Solana,\u201d said Petscher.<\/p>\n

The recent surge in memecoins<\/a> has also factored into Solana\u2019s falling NFT sales, according to Brian Boisjoli, product manager at Forkast Labs.<\/p>\n

\u201cThe majority of people were trading memecoins instead of NFTs,\u201d said Boisjoli, who has also traded memecoins over NFTs in the recent fad. \u201cIt suggests people are going to chase the hot item and leave the last shiny [NFT] in the dust.<\/p>\n

Interest in memecoins surged in April, led by tokens like Pepe and Floki<\/a> that were listed on major crypto exchanges like Binance. Pepe rose nearly 7,000% in two weeks after it launched on April 17 and is up over 2,100% since its launch, according to CoinMarketCap<\/a>.<\/p>\n