NFTs on the Solana (SOL) blockchain are seeing renewed activity despite an overall unstable NFT market. The Block Research data dashboard indicates that the number of new NFTs minted on the Solana blockchain has increased by 700%.
According to the dashboard, the volume of NFTs minted on Solana increased from 39,000 recorded on September 4 to 312,000 in three days. Additionally, NFT trading volume on Solana recorded its highest figure since May this year, reaching $11.5 million on September 6. The market share of Magic Eden, an NFT transaction platform built on the Solana blockchain, increased from 12% to 36.6%.
From the beginning, Solana’s NFTs have been only a small part of the overall ecosystem of non-fungible collectibles and digital arts. The recent performance of NFT exchanges on the blockchain is a beacon of hope for the broader NFT market. Currently, the general NFT market has yet to recover from the terrible dip it suffered earlier this year.
It is not yet clear whether Solana has regained the trust of doubters. However, the SOL network appears to be attracting interest from the crypto community with increasing social media mentions and engagements. Also, there is some evidence that Solana’s team has resolved their downtime issues. A few days ago, Messari announced on Twitter that Solana had exceeded 2000 knots.
.@Solana has been able to scale to over 2000 nodes today.
Still, because transaction fees (revenue for validators) are so low on Solana, the decision to run a node becomes a break-even calculation based on how valuable the inflationary rewards paid are. pic.twitter.com/PHzuohUEFs
—Messari (@MessariCrypto) September 7, 2022
At the moment, it is difficult to operate a Solana node because transaction fees on the blockchain are low. This means that validators must determine the best way to monetize transactions regardless of meager fees. However, these low fees are a major draw for members of the SOL community.
Solana defends its NFTs with its recent projects and innovations
Dust Labs, the project behind the popular DeGods and NFT collection y00ts, announced a fundraising of 7 million dollars Start of the week. This month, the company saw $9.6 million in secondary sales from the collection”y00ts mint t00b“. Dust Labs listed Jump, FTX, and Solana Ventures among its backers.
The founder of Magic Eden, Zhuoxun “ZYin said the successful launch of y00ts shows that Solana is robust. According to Zhuoxun:
“I think people are realizing that Solana is quite liquid as an NFT market, despite the bear.”
Recently, Goatswap launched Solana’s first Automated Market Maker (AMM). The AMM will allow users to create pools to automatically trade NFTs. Solana currently ranks 6th among all blockchains when it comes to the value of crypto-assets committed to a DeFi protocol. Lately, Solana has overtaken Ethereum in terms of developer growth. Additionally, Solana is currently the blockchain with the second largest market volume.
In 2021, Solana launched the Phantom Wallet for its blockchain and quickly registered over 2 million users. Earlier this year, Solana launched Solana Pay, an open-source, decentralized, and free framework built on the Solana blockchain. The payment protocol provides a specification that allows users to send dollar digital currencies from their wallet to a merchant. The company said users can send any SOL token without the need for an intermediary. According to Solana Labs Head of Payments, Sheraz Shere, “while Solana Pay will provide frictionless payments to Web3 participants in the Solana ecosystem, we believe this protocol transcends Web3 and will be transformational for payments across physical and online commerce.”
Regardless of the improvements and innovations, the SOL coin’s long history of downtime still makes investors cautious.
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The number of NFTs minted on the Solana blockchain as well as the volume of transactions increased significantly in just a few days
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