- The Aptos NFT market has been growing since the mainnet launched last week.
- Solana NFT trading has been down recently amid moves by markets to no longer enforce creator royalties.
enthusiasm around Solana The NFT market has been rare lately on Crypto Twitter as markets pushing back on creator royalties. Transaction volume is falling, and it may not just be down to the bad vibes of the bear market: Rival blockchain network Aptos also seems to be attracting attention—and funds—from select Solana NFT traders.
Aptosthe so-called “Solana killer” backed by $350 million in venture capital funds, launched its mainnet last week to weigh in and sink from crypto watchers, who criticized the supply and distribution of the APT token and claimed that the blockchain was technically disappointing.
But despite all that, NFTs on Aptos are selling out, with its flagship project right now—Aptos monkeys– leads all other NFT collections on Solana and Ethereum in terms of 24-hour trading volume.
Aptos NFT Marketplace Topaz has raised $5.46 million to date in NFT trades since its launch on October 18, based on the current price of APT, the pseudonymous founder of Topaz 0xclickbait Told Decrypt. Since its launch on Tuesday afternoon, Aptos Monkeys alone has generated more than $2.3 million in trading volume (253,000 APTs), according to data from Topaz. In contrast, the top-selling collection on OpenSea right now is CryptoPunks, generating 559 ETH in the past day, or around $800,000.
The volume of transactions on Topaz “doubles every day”, 0xclickbait Told Decrypt.
Aptos does not yet have any NFT data analytics platforms aggregating public blockchain data, but the numbers provided by Topaz match the flow of transactions seen in the market so far.
Trading volume reported by Topaz nearly matches Solana NFT market magic eden during the last day. Magic Eden reported 58,100 SOL in NFT transactions in the last 24 hours, which amounts to $1.8 million, compared to Topaz’s $1.71 million in the same period.
Other data collected by the analytics platform dune suggests a mostly downward trend in trading volume for Magic Eden over the past few days, falling from around 100,700 SOL on Friday to 58,400 SOL on Monday, although the market saw an increase to around 79,400 SOL on Tuesday.
Market-scale data analytics platform Nansen reports that Solana NFT’s trading volume has fallen 33% in the past 30 days compared to the previous period – 2.08 million SOL, compared to 3.08 million SOL – the washing operations suspected of manipulating the market being removed from the data. EthereumThe NFT market, meanwhile, grew nearly 6% over the same period.
Crypto Twitter is Full of Solana Trader Examples discuss jumping into Aptos space, which some say reminds them of the early days of the Solana NFTs. This change could explain the fluctuations in liquidity in the two markets.
Aptos monkeys made the biggest splash yet on the fledgling blockchain, but the flamingo-themed Aptomingos pixel-art also moved big numbers, amassing around 100,000 APT ($882,000) in trading volume to date. The cheapest Aptomingos NFT available is currently listed at 78.5 APT (almost $700).
In the last 24 hours, Aptos Monkeys has generated significantly more trading volume on Topaz than the main project Solana NFT – spin-off DeGods y00ts— generated on Magic Eden (5,700 SOL, or $177,000).
The change in dynamic is also driving some potential creators away from Solana, with NFT projects, such as zodiac world, Mogu Dragonzand Aptos Top Sharks– announcing that they are “moving to Aptos” to take advantage of the hype. Meanwhile, existing project Okay Bulls said today that it switch to Aptosallowing NFT holders to redeem for an Aptos version.
This trend has caused some grumbling among some Solana diehards on Crypto Twitter as some recall what happened with Close to protocola platform that uses the same Rust programming language as Solana.
As with Aptos, there was early hype surrounding NFTs on Near, and many Solana traders rushed into the space to try and seize the opportunity, but it didn’t last. Top Near marketplace Paras has less than 5,000 USD trading volume in the last day, per DappRadar.
Whether Aptos will repeat this rapid cycle of boom and bust or transform into the next Solana remains to be seen, but the initial momentum is building. With Bruh Bear and other expected coins still on the horizon, traders will no doubt be watching closely if Aptos can provide a sustained challenge, especially if Solana’s NFTs rebound.
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