Can Solana's latest move on the NFT front disrupt SOL's ongoing dream?
SOL with the news
Solana (SOL), as of October 9, announced a new test that the ecosystem has been planning to run. Blue-chip NFT SOLs, such as DeGOD and y00t, will undergo a change in which royalties will be erased. This could provide a much-needed boost to the Solana NFT market.
Solana price prediction for 2022-2023.
The official DeGodsNFT Twitter account posted an update stating that they will be removing the royalty fee, which was initially set at 9.99%. This update may incentivize NFT holders to participate in more transactions.
What can pull SOL back?
Given the dilemma of downtime and other problems Solana faces, blockchain's chance of salvation is the improvement of the NFT market. However, over the past month, its NFT market also seems to have delivered some disappointing results.
As you can see in the image below, NFT trading volume has been decreasing since September 26th. However, the new development of DeGods could regenerate interest in SOL NFT and could help SOL recover return.
At the time of publication, Solana Blue Chip NFTs were not performing well. Over the past 30 days, Solana NFT has dropped significantly and depreciated 4% in the last 24 hours.
While the DeGods are a large part of the overall peak index, they have performed well against the overall Solana NFT index. In addition, over the past week, DeGods NFTs have seen growth and trading volume and volume have also increased sharply.
This increase can be attributed to its latest development and could be an indication of what the future of this collection will look like. Although the number of transactions collecting NFTs has increased, the minimum price has generally decreased.
Also, other NFT projects, such as SolanaMonkeyBusiness, have similar growth in transactions and volume. However, the same cannot be said about the NFT y00ts collection, as it has seen a decline in the aforementioned indices.
Solana team positivity and impact
Despite Solana's constant efforts to improve her NFT community, those efforts have not affected Solana. Its volume and market capitalization have been declining in recent days. This can be seen as a bearish indicator by potential investors.
However, developer activity has increased slightly in recent days. Therefore, it shows that the Solana developers may be trying to add new enhancements and updates to their system.
At press time, Solana is trading at $32.85 and has gained 0.47% over the past 24 hours. However, it remains to be seen whether Solana's price can maintain this positive momentum.
Oct 10, 2022