NFT activity on Solana suddenly exploded again when the market was quiet

NFT activity on Solana is really picking up again even though the sector has had a rather quiet period over the past few months.

NFT activity on Solana suddenly boomed again as market

According to Block Research data, the number of NFTs minted on Solana rose to a high of 312,000 on September 7th, representing a dramatic breakout from just 39,000 about three days earlier.

Statistics on the number of NFTs minted on Solana as of September 12, 2022. Source: The Block Research

At the same time, NFT trading volume on Solana also increased, with total volume on NFT Marketplace reaching $11.5 million on September 6 – the highest level since May. 2022. Among them, Magic Eden – Solana's largest NFT Marketplace, recorded its market share increasing from 12% at the beginning of September to 36.6% on September 7.

Statistics of NFT trading volume on Solana as of September 12, 2022. Source: Statistics of the number of NFTs minted on Solana as of September 12, 2022. Source: The Block Research

The increased activity around Solana-based NFT trading represents a bright spot in the broader NFT market. Volume on popular NFT markets has failed to recover from a dizzying drop earlier this year.

Historically, Solana has only made up a small segment of the overall ecosystem for NFTs, however the platform has emerged as a popular alternative due to its low fees, fast transactions, and high rates. significantly lower energy consumption. Although only appearing around mid-2021, it only took Solana six months to record over $1 billion worth of trading volume across over 5.7 million NFTs from 85,000 projects.

However, it should be viewed objectively that Solana-based NFTs need to work harder to get ahead in the NFT game because the platform currently lacks trading platforms and NFT projects.” quality”, such as Bored Ape Yacht Club (BAYC) and CryptoPunks on Ethereum.

Because in fact, although Magic Eden has continuously strengthened its brand through a $130 million funding round and established an investment arm Magic Ventures, focusing on web3 gaming, it has been ranked as the top NFT Marketplace on Solana. This platform has always been criticized by the community for its inefficient business practices, especially the platform's lax censorship that has led to a series of NFT rugpull projects.

Recently, y00ts – another popular NFT project on Solana also had problems before the public launch when delaying the NFT minting process to users due to a programming error from the development team. .

It is worth mentioning here that despite the above trouble, Dust Labs, the development organization behind y00ts and the famous NFT project DeGods still raised $7 million from FTX, Jump Crypto and Solana Ventures. At first glance it may seem that Dust Labs has demonstrated the potential value the organization will bring to future NFT projects to successfully raise funding, however the truth is that both FTX, Jump Crypto and Solana Ventures are all “family members” of Solana.

Fox Crypto News

Sep 12, 2022

0 0