NFTs don’t feel like they used to. Exchanges are slower and many people… seem to have evolved. This does not mean that traders are done taking risks. Attention has returned to memecoins, particularly those built on Solana (SOL).
NFTs are so yesterday!
Over the past year, overall NFT activity has gradually declined, with few spikes and a stable trading trend in the markets. What’s interesting is where the remaining volume goes. The NFT market share has become increasingly concentrated, with OpenSea and Blur accounting for the majority of total trading volume, while smaller platforms are losing relevance.
Source: Dune analysis
A handful of markets dominate NFT trading, while most others contribute only a small portion of the activity. Interest is waning as traders stick to the most liquid platforms and avoid risk.
NFTs are definitely losing momentum and are no longer in the spotlight right now.
The focus is more on memecoins
Source: Coinmarketcap
Data from CoinMarketCap shows consistent volume on the largest coins; big names like Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE) are proof – even on slow days their numbers are staggering. New entrants are also seeing strong daily business activity. Most of the most actively traded tokens over the past week either originated on Solana or traded heavily on it.
Source: Coinmarketcap
This is where the network stands out. Several Solana-based memecoins show high volume despite smaller market caps; they are frequently traded rather than held long-term. Low transaction fees and fast settlement allow traders to enter and exit positions quickly. This keeps activity high.
This may be what led to the rapid turnover of NFTs.
What traders react to
It’s not just about NFTs versus memecoins; it’s about how traders want to participate. Capital is moving towards assets that are fast, flexible and constantly engaging. Memecoins currently meet these needs better than NFTs, which often require patience, higher upfront costs, and longer holding periods.
Another change is the scale. Memecoins allow small traders to stay active without committing large sums of money. This is more difficult in both NFTs and large-cap cryptocurrencies. There’s more participation, even if it’s mindless fun. Traders choose markets that allow them to move up quickly and move away just as quickly.
Final Thoughts
- The volume of NFT trading is lower and concentrated in only two markets.
- Memecoins, especially on Solana, are where they are right now, with low fees and fast transactions.
