Thursday, June 8, 2023
HomeNFTSolana NFT Sales Have Been Solid, But On-chain Activity Is Down

Solana NFT Sales Have Been Solid, But On-chain Activity Is Down

Non-Fungible Token (NFT) Activity in Solana Despite the recent FTX turmoil, the network remains positive.

According to an analysis by institutional research firm Delphi Digital, Solana has become the second ecosystem for NFTs.

According to Cryptoslam data, sales exceeded $50 million in 30 days. ImmutableX, Cardano, Polygon, Flow, and BNB Chain lag far behind. As of December 8th, Solana NFT had $60 million in 30-day sales, more than four times the next ecosystem, ImmutableX.

but, ethereum It still leads the NFT market by a large margin. According to data, his NFT turnover in his 30 days on Ethereum was around $400 million.

Additionally, NFT sales this year have been crushed amid a broader crypto market downturn.

Solana Into 2023

Solana enthusiasts have touted a great year for the ecosystem, but the reality could be very different.

Compressed NFT Minting This can be a big problem for web3 game studios. This means you can create thousands of in-game NFTs on the Solana network for a fraction of the money.

In addition, Solana plans to release a number of game titles next year. Solana Ventures investor Justin Barlow says the launch of a Saga Solana-based phone will also be a pivotal moment for the ecosystem.

but, DeFi On the network, 2023 hit hard. Total values ​​locked for Solana since the beginning of the year he has collapsed by a whopping 96%. TVL is currently only $248 million, according to the company. Defilama.

moreover, On-chain activityIt’s generally collapsing, as reported by BeInCrypto. Transactions, active addresses and wallets have all dropped significantly over the past few months.

All this is reflected in depression Sol price.

SOL price outlook

Solana’s SOL coin has been trading flat for the past 24 hours, trading just under $12 at press time.

SOL has been in a solid downtrend for several weeks, down 14.5% over the past seven days. Additionally, the coin is currently down 95.4% from its high November 2021 peak price of $260.

The meme was already trending on cryptocurrency Twitter.

Another FTX-related asset, FTT, was buzzing with news today Sam Bankman-Freed released on bailThe FTT surged around 30% a few hours ago, but has retreated back to around $0.959 at the time of writing.

Nevertheless, the exchange token is declared a warranty According to the US SEC, it is down 98.9% from its all-time high.


While BeInCrypto strives to provide accurate and up-to-date information, BeInCrypto is not responsible for any factual omissions or inaccuracies. YOU AGREE AND UNDERSTAND THAT YOU MUST USE THIS INFORMATION AT YOUR OWN RISK. Cryptocurrencies are highly volatile financial assets, so do your research and make your own financial decisions.

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