Sorry, who said NFTs were dead? New data this week tells us that the Solana NFT ecosystem has been popping off in the past few weeks . Despite bearish reports of NFT sales declining on marketplaces such as OpenSea and SuperRare, Solana-based non-fungibles have firmly bucked the trend.
According to data from The Block Research, trading volume on Solana-based NFT platforms like Magic Eden and Metaplex reached roughly US$115 million on September 6— the highest since the end of the ‘NFT Craze’ in May this year.
The number of new NFTs created on the Solana blockchain also jumped to 312,000 on September 7, which is a potent 780% increase from the 39,700 NFTs minted on September 4.
Magic Eden, the most popular Solana-based NFT marketplace, also increased its market share of the overall NFT market to 36.6% as of September 7, expanding a hefty 12% since the beginning of this month.
Of all the Solana NFT collections, the newly-launched ‘y00ts mint t00b’ has led the charge on trading volume, with HyperSpace showing total sales over the last six days to be a little over US$10 million.
Additionally, Solana News shared an update on the top NFT collections by sales volume in the past 24 hours, which shed further light on the significant volumes of capital flowing through the SOL ecosystem.
The ‘Yoots’ collection was followed closely by ‘Solana Name Service’ after stacking up US$425,000 worth of volume on September 12.
NFT market go brrrrr
While Solana is still a while away from being on par with Ethereum in terms of NFT sales volume, the recent minting surge is definitely a positive indicator for the SOL ecosystem.
In a recent report, John Stefanidis, CEO of NFT gaming platform Balthazar, said he expected the broader crypto market to follow other macro trends but remains confident that the NFT market will strengthen.
“Macroeconomic conditions are putting pressure on the NFT market, much like the drop in tech stocks, discretionary spending, luxury goods, and the wider crypto market,” he wrote.
“Our thesis is that when the broader utility and applications of NFTs improve, such as in the form of contracts, deeds and gaming, that’s when we will start to see NFT sales volumes rise.The real value of an NFT is in its ability to provide digital ownership”, Stefanidis added.
The minting mania was reflected in SOL’s price, with the token rallying a healthy 26% from September 7 through to this morning, where following news of updated inflation figures, the overall crypto market dumped 8% in 2 hours.
SOL is currently changing hands for $33.50 according to TradingView.