The number of Ethereum NFT collections has grown by more than 100% year-over-year

Ethereum-based non-fungible token (NFT) collections are increasingly gaining steam, with the total trading volume notching $54 billion on April 17. According to data from blockchain intelligence firm IntoTheBlock, the NFT trading volume on Ethereum a year ago was $622 million.

The company also disclosed that the number of NFT collections on Ethereum increased by over 100%. The network currently hosts 80,300 NFT collections, up from 15,540 in 2021.

Apart from this, the number of Ethereum addresses holding more than one NFT has also grown significantly. As of November last year, 1.4% of Ethereum wallets held over one NFT. This percentage has since grown to $4.6%.

BAYC reigns supreme

Although the number of Ethereum NFT collections has increased substantially, Yuga Labs’ Bored Ape Yacht Club (BAYC) remains the most valuable project. According to IntoTheBlock, 6,422 addresses own at least one BAYC NFT. The project’s market cap stands at 1.05 million Ether (ETH), worth approximately $3.18 billion.

CryptoPunks, which Yuga Labs recently purchased from Larva Labs, is the second-largest project in terms of valuation, with a market cap of 471,430 ETH (approximately $1.43 billion). Mutant Ape Yacht Club (MAYC), which comprises NFT created after exposing Bored Apes to Mutant Serums, takes third place, with a valuation of 456,230 ETH (approximately $1.39 billion).

Solana VS Ethereum

While Ethereum holds the most popular NFT collections, Solana is emerging as the go-to blockchain for NFT enthusiasts. Unlike Ethereum, which has scalability issues and high gas fees, Solana offers high scalability and low costs. With an average cost of less than $1 per transaction, Solana has attracted many projects looking to avoid Ethereum’s high gas fees.

By the end of January 2022, Solana reported a sales volume exceeding $1 billion. The network also has several popular collections, including Degenerate Ape Academy and Solana Monkey Business. Both collections have had at least one piece sell for more than $1 million.

While Solana’s NFT ecosystem is not nearly as big as Ethereum’s, experts believe its scalability and low gas fees might see it topple Ethereum in the long run.