NFT on Solana is vibrant again amid “hesitation” market

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2022-09-14 13:57:43

After a period of relatively quiet activity, NFT transactions on Solana have increased again.

Data of Block Research The number of NFTs minted on Solana rose to an unexpected high of 312,000 on September 7, from just 39,000 about three days earlier.

Statistics of NFT minted on Solana as of September 12, 2022.
(Source: The Block Research)

NFT trading volume on Solana has increased, with total volume on NFT Marketplaces reaching $11.5 million on September 6 – the highest level since May 2022. Among them, the highlight is Magic Eden – Solana’s largest NFT Marketplace, which recorded an increase in market share from 12% at the beginning of September to 36.6% on September 7.

NFT trading volume on Solana as of September 12, 2022.  (Source: The Block Research)
NFT trading volume on Solana as of September 12, 2022.
(Source: The Block Research)

Besides, the increased activity around Solana-based NFT trading represents a bright spot in the broader NFT market. In early 2022, the drop caused volume on popular NFT markets to not recover immediately.

In the past, Solana actually made up only a small segment of the overall NFT ecosystem. But the platform has emerged as a popular alternative due to its low fees, fast transactions, and significantly lower energy consumption. Since the launch of mid-2021, just 6 months after Solana has recorded over 1 billion USD worth of transaction volume across over 5.7 million NFTs from 85,000 projects.

However, again and again, objectively, Solana-based NFTs need a lot more work to get ahead in the NFT game. Because this platform is still lacking in real “quality” NFT transactions and projects like the NFTs that Ethereum has Bored Ape Yacht Club (BAYC) and CryptoPunks.

Magic Eden – Solana’s most popular NFT collection has been working to strengthen the brand over the past several months, a $130 million funding round, investment arm Magic Ventures, focus on web3 gaming. However, the community has repeatedly criticized the leading NFT Marketplace on Solana for its inefficient business practices, especially the platform’s lax censorship that led to the scam in late July. 2022. At that time, the project’s Twitter account was hacked, the link on the bio account was changed to a scam link. At that time, the user clicks on the link, is redirected to an interface asking to approve a fraudulent contract and loses all the money in the wallet.

On the other hand, y00ts – another popular NFT project on Solana recently encountered a problem before going public when it delayed the process of minting NFT to users due to a programming error.

Notably, Dust Labs, the development organization behind y00ts and the popular NFT project DeGods, still raised $7 million from FTX, Jump Crypto, and Solana Ventures. At a glance, it seems that Dust Labs has proven its potential future value to successfully raise funding, but the truth behind it is that neither FTX, Jump Crypto, or Solana Ventures are “confidants” of the company. Solana.

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