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Investment bank JPMorgan told its clients of the recent push Solana is making as it is wining grounds on rival Ethereum.
In a research note, a team of JPMorgan analysts, headed by Nikolaos Panigirtzoglou noted Ethereum’s troubles in the non-fungible token (NFT) market as caused by high gas fees and congestion on the Ethereum Network.
NFT apps have moved to better alternatives and Ethereum’s NFT volume share has dropped from 95% at the start of 2021 to around 80% currently.
Panigirtzoglou, making the comparison of NFT apps to decentralized finance (defi) apps, explained:
“It looks like, similar to defi apps, congestion and high gas fees has been inducing NFT applications to use other blockchains.”
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While newer blockchains such as such Solana, Tezos or Wax are attracting NFT developers because of its significantly lower transaction fees, the JPMorgan researchers concluded that it is mainly the Solana network that has been snooping up market share from Ethereum in recent times.
Should this trend continue, the analysts warned, it could potentially negatively affect Ethereum’s price. Panigirtzoglou noted:
“If the loss of its NFT share starts looking more sustained in 2022, that would become a bigger problem for ethereum’s valuation.”
Last week, Bank of America commented on the ‘Ethereum killer’ Solana and said the network could even become the “Visa of Crypto”.