One of the main competitors of the largest Ethereum in terms of capitalization in the segment of non-fungible tokens is Solana, investment bank analysts say
Ethereum is losing market share in non-fungible tokens (NFTs) due to high network fees, JPMorgan analysts say, Business Insider writes . The bank reported that over the past year, the share of the largest altcoin by capitalization in NFT trading has fallen from 95% to 80%. One of the main competitors of Ethereum is Solana, analysts say.
“As with DeFi (decentralized finance), congestion and high transaction fees are driving NFT applications to use other blockchains,” JPMorgan said in a research note.
In 2021, the trading volume of NFT tokens exceeded $13 billion. The indicator increased by almost 400 times compared to 2020 ($33 million). 88% of NFT trading volume (more than $12.5 billion) this year was provided by the OpenSea marketplace.
