Beware of the "Ether Killer"! JPMorgan: Ether is losing market share in NFT

JPMorgan Chase said in a report that Ether's market share in the NFT space is shrinking due to network congestion and high gas fees.

In a report published last week, analysts led by Nikolaos Panigirtzoglou wrote that Ether's market share in NFT has fallen to about 80 percent from about 95 percent in early 2021.

Solana, known as the "ethereum killer," is taking market share from NFT since August and is growing rapidly in the NFT space, the bank said.

JPMorgan cautioned investors that if Ether's share of the NFT space declines further this year, then its valuation could be challenged.

This comes after JPMorgan warned that Ether's dominance in the DeFi space is also faltering because its network is scaling too slowly.

As of writing, Ether was at $3,124 and Solana was at $136.90.