Aptos (APT) looks to bury Solana as APT NFT projects take off
Aptos (APT) had a turbulent start last week after launching a lot of uncertainty in the crypto market. However, the project seems to have found its footing in about a week. Interest in the blockchain has skyrocketed, so the development of various projects has followed suit. So far, Aptos has taken the fight to Solana and has begun to dominate the space, especially in non-fungible tokens (NFT).
Aptos (APT) NFTs take off
It didn’t take long after the launch for Apto’s NFT projects to start appearing. This was after the airdrop process had been completed and most people had been able to cash out tokens. While the market expected the price of APT to dump, it started to see an improvement instead.
Given this, projects in the space had begun to launch. These NFTs were priced for cheap coins and even free coins, but their secondary performances would tell a different story. A good number of Apto’s NFT projects had quickly moved up to trade at floor prices above $1,000.
An example of this is the Aptomingos project which had a total of 1212 objects in its collections. This is one of the projects that was minted for free on the blockchain, and as of this writing, the Aptomingos NFT collection has a floor price of 163 APT on the Topaz market. This gives it a floor price of over $1,500. The collection has also gained over 76,000 APT in total trade volume, roughly $800,000 so far in less than a week.
APT price recovers above $9 | Source: APTUSD on TradingView.com
Taking on Solana
Upon launch, the Aptos blockchain was immediately compared to the Solana blockchain. It quickly became known as the ‘Solana killer’ as more investors flocked to the network. This was actually not surprising given that Solana investors had become increasingly unhappy with the SOL network and had been very vocal about it.
The migration from Solana to Aptos has been evident in the last week. With the removal of royalties on the Solana NFT marketplace Magic Eden, the project creators had moved on and the investors had moved with them.
While Solana NFT trading volume continues to decline, Aptos NFT marketplace Topaz has grown, celebrates nearly $2 million in trading volume in just 5 days after launch. The anticipation surrounding NFT projects landing on the Topaz launchpad also continues to draw more attention to the space.
Solana has also seen a significant decrease in the number of active traders. DappRadar shows that the top NFT marketplace on the Magic Eden blockchain has seen a drop of over 28% in active users in the last 24 hours. This brings the number to just over 15,000.
Featured image from Forkast News, chart from TradingView.com
follow Best Owie on Twitter for market insights, updates and the occasional funny tweet…
