The number of NFTs minted on the Solana blockchain, as well as the transaction volume, has increased significantly in just a few days

NFTs on the Solana (SOL) blockchain are seeing renewed activity despite a generally volatile 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 has increased from 39,000 registered on Sept. 4 to 312,000 in three days. In addition, the NFT trading volume on Solana hit its highest level 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, rose from 12% to 36.6%.

From the outset, Solana’s NFTs were just a small part of the overall ecosystem of perishable collectibles and digital art. 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 experienced earlier this year.

It is not yet clear whether Solana has regained the confidence of doubters. However, the SOL network seems to be sparking interest from the crypto community with increasing mentions and engagements on social media. There is also evidence that Solana’s team has resolved their downtime issues. A few days ago, Messari announced on Twitter that Solana had exceeded 2000 knots.

At the moment it is difficult to operate a Solana node because the transaction costs on the blockchain are low. This means that validators need to determine the best way to monetize transactions, regardless of the meager costs. However, this low cost is 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 $7 million fundraiser earlier this 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 as an NFT market, Solana is quite liquid, despite the bear.”

Recently, Goatswap launched Solana’s first Automated Market Maker (AMM). The SMP allows users to create pools to automatically trade NFTs. Solana currently ranks sixth 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. Moreover, 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 digital dollar currencies from their wallets 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 smooth payments to Web3 participants in the Solana ecosystem, we believe this protocol transcends Web3 and will be transformed for payments in physical and online commerce.

Regardless of the improvements and innovations, the long history of downtime of the SOL coin still makes investors cautious.

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