On the Ethereum (ETH) blockchain, there are now 80,300 NFT collections, which is up from 15,540 last year. Meanwhile, despite recent market turbulence in the crypto space, Ethereum (ETH) addresses holding one or more NFTs have skyrocketed as the industry gains mainstream appeal.
Regardless, is a new platform needed to uphold the burgeoning NFT market, like Solana (SOL) or Parody Coin (PARO)?
The Popularity of NFTs Continues to Grow
Despite the fact that the broader crypto market has been in a months-long downtrend since November 2021, the enthusiasm for NFTs activities has remained strong.
The number of NFT collections on the Ethereum (ETH) network has increased by over 100 percent in 2022, according to data collected by IntoTheBlock, a blockchain intelligence firm dedicated to on-chain analysis. In comparison to a year ago, there were only around 15,500 collections available, but there are now over 80,000 NFTs on the network.
Meanwhile, the total volume traded by NFTs has increased dramatically over the last year, rising nearly 90 times from $622 million per day a year ago to around $54.58 billion per day today.
Since September 2020, there has been a noticeable increase in the number of Ethereum (ETH) addresses with at least one NFT. In addition, only 1.4% of wallets held one or more NFTs a year ago, but that number has now risen to 4.64%. Needless to say, despite some worries, the NFT market is alive and well.
NFT Collections Find a New Home in Solana (SOL)
Though the Ethereum (ETH) blockchain still hosts the most popular NFTs, Solana (SOL) based digital collections have recently caught up and gained a lot of attention. Transaction costs in Solana (SOL) are typically less than a dollar. For scalability and low transaction costs, many NFT projects and collectors have migrated to its blockchain.
The ecosystem’s sales volume had surpassed $1 billion by the end of January. The highest sale for a single Ape in Degenerate Ape Academy, a hugely popular collection of 10,000 unique NFT Apes only available on the Solana (SOL) blockchain, was $1.1 million in September 2021.
Over a 24-hour period at the end of March, the price of Solana (SOL) increased by 12%, accompanied with its trading volume increasing by a phenomenal 80%.
What’s the deal with Solana (SOL) pumping so hard lately? It could be due to an increase in demand for NFTs on the platform, fueled in part by the recent announcement that leading NFT marketplace OpenSea will implement Solana (SOL) NFTs this month.
Can newcomer Parody Coin (PARO) overtake Ethereum (ETH) and Solana (SOL)?
Parody Coin (PARO) is the new kid on the NFT block, having recently entered the first phase of its presale.
Despite not having even launched yet, Parody Coin (PARO) has been gaining attention in the crypto sphere since revealing some of its bold objectives in its ambitious White Paper.
Parody Coin (PARO) wants to tackle the inequalities facing the NFT market, such as high floor prices blocking access for ordinary people, as well as the use of NFTs as status symbols among the wealthy. By incentivising the minting of ‘parodies’ of popular NFTs (such as CryptoPunks or Bored Apes), they believe the market can be diversified.
Parody Coin (PARO) will also strive to facilitate the migration of the entire NFT market onto the Parody marketplace. If a popular NFT is made into a ‘parody’, the owner of the original NFT can gain ownership of the parody by burning or locking up the original.
The developers have devised several different ways that investors can generate consistent passive income. First, through creating these ‘parody’ NFTs for trading and selling, second, via the token’s reflection process, thirdly, through staking on the BNB Chain and lastly, through extensive rewards offered by the network. Investors can choose to engage in multiple revenue streams or simply allow the rewards and reflection to do the work for them.
Parody Coin (PARO) has also impressed the crypto community by acting as a highly practical and functional digital asset. For example, it might not face the same issues as interoperability that other blockchains struggle with as the Parody Bridge feature will enable holders to transfer their PARO onto other supported blockchains. Moreover, users can engage the Parody Swap feature to exchange any crypto on any blockchain to PARO.
PARO is currently being sold at its lowest ever price as it’s in its earliest stage of presale. With the popularity the token is garnering, the price is expected to rise soon as more investors buy in.