NFTs don’t feel like they used to. Trading is slower, and a lot of people just… seem to have moved on. That doesn’t mean traders are done taking risks. The attention has gone back to memecoins, especially those built on Solana [SOL].
NFTs are so yesterday!
Over the past year, overall NFT activity has gradually decreased, with few spikes and a flat trading pattern across marketplaces. What’s interesting is where the remaining volume is going. NFT market share has become increasingly concentrated, with OpenSea and Blur accounting for the bulk of total trading volume, while smaller platforms lose relevance.
Source: Dune Analytics
A handful of marketplaces dominate NFT trading, while most others contribute only a sliver of activity. Interest is shrinking, with traders sticking to the most liquid venues and avoiding risk.
NFTs are definitely losing pace, and they are no longer where the spotlight is right now.
Attention is flocking into memecoins instead
Source: Coinmarketcap
CoinMarketCap data shows consistent volume across the largest memecoins; big names like Dogecoin [DOGE], Shiba Inu [SHIB], Pepe [PEPE] are proof – even on tame days, their numbers are astounding. Newer entrants are seeing strong daily trading activity too. Many of the most actively traded tokens over the past week are either native to Solana or heavily traded on it.
Source: Coinmarketcap
This is where the network stands out. Several Solana-based memecoins post high volume despite smaller market caps; they’re frequently traded rather than held long-term. Low transaction fees and fast settlement make it easier for traders to enter and exit positions quickly. This keeps activity elevated.
This was perhaps what lead to the quick rotation from NFTs.
What traders are responding to
It’s not just about NFTs versus memecoins; it’s about how traders want to participate. Capital is moving toward fast, flexible and constantly engaging assets. Memecoins fit that need better right now than NFTs, which often require patience, higher upfront costs, and longer holding periods.
Another change is scale. Memecoins allow smaller traders to stay active without committing large amounts of money. That’s harder in both NFTs and large-cap crypto. There’s more participation, even if it is mindless fun. Traders are choosing markets that let them move quickly, and step away just as fast.
Final Thoughts
- NFT trading volume is lesser and concentrated on just two marketplaces.
- Memecoins, especially on Solana, are where it’s at now, with low fees and fast trades.
Source: https://ambcrypto.com/why-traders-are-abandoning-nfts-for-high-turnover-memecoins/
