According to Foresight News, data from The Block indicates that Ethereum's dominance in the NFT market has been on a decline since the beginning of the year. In contrast, the trading volume of NFTs on both Bitcoin (BTC) and Solana (SOL) networks has seen a significant increase between November and December.
Ethereum has long been the leading platform for NFT transactions, but the recent data suggests a shift in the market dynamics. The rise in NFT trading volume on BTC and Solana could be attributed to various factors, including lower transaction fees and faster processing times on these networks compared to Ethereum.
As the NFT market continues to evolve, it remains to be seen whether Ethereum can maintain its dominance or if other blockchain networks like BTC and Solana will continue to gain traction in the space.
