Aptos (APT) has traded open for a week and is often compared to Solana (SOL). Initial results from Aptos’ NFT division are optimistic, but further research is strongly recommended.
When Aptos (APT) went live with its mainnet last week and started trading soon after, the word “Solana killer” was doing the rounds. With its own state-of-the-art blockchain, Aptos sees itself well equipped to take market share from Solana in industries ranging from DeFi to NFTs. Recurring network outages at Solana seriously tarnish SOL’s image and make investors more willing to reallocate capital to another ecosystem like Aptos.
The first results on how the Aptos ecosystem performs in practice are therefore followed with great interest. Topaz, an NFT marketplace based on Aptos, reports via Twitter Rapidly increasing sales and after just five days a total volume of almost 2 million dollars. According to Topaz data, collections such as “Aptos Monkeys” and “Aptomingos” are already seeing significant price increases and brisk demand.
But NFTs at Solana are noisy stock twits daily responsible for more than 2 million dollars in volume and with market leader Ethereum (ETH) for no less than 10 million dollars. Aptos advertises that production (“mining”) of NFTs is very cheap in its ecosystem and has also launched programs with Topaz to encourage trial and error. In this regard, one-off securities for NFTs at Aptos may also come into effect here.
Aptos and DeFi – there is still a long way to go
The second area Aptos wants to attack Solana in is Decentralized Finance (DeFi). According to DeFiLlama, Solana currently has about $950 million in paid-up capital, while DeFi at Aptos is about $17 million. By comparison, DeFi under market leader Ethereum (ETH) is currently raking in a whopping $31 billion in deposits. Many convincing investors are still needed before Aptos can play a bigger role in DeFi.
Conclusion: Aptos has to live with criticism – APT has survived the first phase of weakness
When APT launched, critics had already cut their teeth on the token distribution, which was revealed late and noticeably favors the Aptos team and early investors. This distrust seems justified, but on the other hand, the first results of the new Aptos ecosystem in terms of NFTs and DeFi are encouraging. At the same time, APT has already made up for the price drop of its stock market debut and is now trading at a good $9 with a positive trend. With an assumed market cap of nearly $1.2 billion, Aptos has already made it to the top 50 of the major cryptocurrencies. If the Aptos use cases of DeFi and NFTs continue to attract new projects and users, APT has the potential for further price increases. But the comparison with Solana (market capitalization over 11 billion US dollars) is still too early for Aptos, APT has to prove itself here in the medium and long term before the slogan “Solana killer” also makes sense in terms of content.
You can buy Aptos from Binance and FTX.
