In the NFT sector, Solana stands out as a reference in addition to being a direct competitor to Ethereum. However, Aptos makes its appearance in the middle and is even nicknamed the “Solana Killer“. So why such a nickname? Is it a simple hype or else a real alternative even more efficient?
The NFT Solana market in turmoil
Decentralized platform Solana had a tough month of October. Indeed, since the various marketplaces have decided not to no longer apply royalties to creators, interest in the platform continues to decline. Royalties are now optional, that is to say that it is up to the buyers to leave some.
In addition to that, the platform suffered computer attacks in early October. There was a fake Phantom update that was intended to steal the wallets of platform users.
Trading volume is down and the problem is not just the bear market. A new competitor made a sensational entry into the NFT arena, its name: Aptos.
Dubbed Solana’s killer by some, Aptos seems to be getting all the attention lately. Some investors do not hesitate to transfer funds from Solana to Aptos. The young blockchain network was launched last week with $350 million in venture capital assistance. The crypto community took a dim view of this launch by criticizing the supply of the token. Some have called the blockchain “technically disappointing”.
Despite criticism and pessimism from the NFT world, Aptos leads the sales of non-fungible tokens. In particular thanks to his project Aptos Monkeysthe platform outperforms other Ethereum and Solana collections in terms of 24-hour trading volume.
NFT belonging to the “Aptos Monkeys” collection
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Aptos in a few figures
Since its launch on October 18, no less than $5.56 million that has been accumulated on the Topaz platform (Aptos NFT marketplace). If Topaz creator 0xclickbait is to be believed, the Aptos Monkeys collection alone would have generated close to 2.3 million dollars in trading volume, i.e. 253,000 APT. However, the collection that has been selling the most lately is CryptoPunks. With 559 ETH generated in the last day, this is approximately $860,000 at the current Ethereum price.
The Topaz founder announced that “the volume of transactions on the platform doubles practically every day“. This shows us the interest of NFT collectors in Aptos. Nevertheless, 0xclickbait tells us that Aptos is in the process of development of a blockchain analysis system. But if we look at the figures provided by Topaz, they are consistent with the flow of transactions on the marketplace.
The two-week young platform nearly matched the trading volume of Solana’s NFT market (Magic Eden). Looking at the trading volume for the past 24 hours, Topaz is only $90,000 less than Magic Eden. Indeed, Solana’s NFT marketplace brought in 58,100 SOL ($1.8 million) while Topaz traded $1.71 million over the same period.
At the same time, Magic Eden sees its trading volume decrease, as we said above with the difficulties of Solana. It almost halved, from 100,700 SOL to 58,100 SOL. Nevertheless, an upward trend could be observed yesterday reaching a trading volume of 79,400 SOL.
Also, looking at Magic Eden’s 30-day stats, the data isn’t very reassuring. Indeed, the platform saw a drop of 33% compared to last month. This can be explained by the removal of fictitious transactions who were suspected of manipulating the market.
Twitter reacts to the switch between Solana and Aptos
Many investors are talking about getting into Aptos, which reminds them of the early Solana hype. This may partly explain the fluctuations in liquidity between the 2 market places. But many still believe in Magic Eden which for some is simply “paused” and not “dead”.
People say Solana dead
I would say mostly Solana on pause
Momentum shifting the other way as we lose royalties and Aptos launches
Once we get back royalties and Aptos gets pilled up with trash
Momentum shifts back
— Cozy ⓣhe Caller 🚀 (@cozypront) October 24, 2022
While some thought the NFT market was over, Aptos did a sensational debut with its NFT collections. Aptos Monkeys is not the only hit, Aptomingos also got off to a great start with $892,000 in trading volumes. The cheapest being sold approximately around 750 dollars.
The changing dynamic also pushes some potential creators to get away from Solana. With NFT projects like Zodiac World, Mogu Dragonz et Aptos Top Sharks the creators announce that they “move to Aptos” to take advantage of the craze. Meanwhile, existing project Okay Bulls has said it will move to Aptos.
THE MINT DETAILS ARE FINALLY HERE 👀🔥
We are super excited to announce our partnership with @Immers3Labs 🦈🤝🧪
We will be minting on 27/10 at 16:00 UTC. All the mint details will be in https://t.co/uXfQfiopQ8 🦈
— APTOS TOP SHARKS | MINT TODAY at 4 PM UTC 🦈 (@AptosTopSharks) October 24, 2022
Defenders of Solana reacted on Twitter with displeasure recalling what happened with Near Protocol. This platform, which looked exactly like Solana, profited from a hype to attract Solana users, however, this did not last. A lot of investors got cheated and lost a lot of money.
Not moving any liquidity to Aptos. Made that mistake with Near. Solana is the way forward
— knoxtrades | JuicyStake.io (@knox_trades) October 17, 2022
Now we have to find out if Aptos is just a hype phenomenon or if it will succeed in establishing itself on the NFT market like Solana. In any case, Aptos is not lacking in ideas and other projects are to come with Bruh Bears and other anticipated currencies.