Despite a sluggish market for non-fungible tokens (NFTs), Solana-based NFTs are surging. The number of NFTs minted on Solana surged to an all-time high of 312,000 on 7 September compared to 39,000 mints on 4 September. The numbers are from the Block’s Research Data Dashboard.
September seems to be a good month for Solana’s NFTs. Solana-based NFT volumes rose to the highest level since May, reaching $11.5 million on 6 September. Simultaneously, Solana’s NFTs marketplace Magic Eden increased its market share from 12% at the beginning of September to 36.6% on 7 September.
What does it mean for the broader NFT space?
2022 has not been a great year for crypto assets, especially for NFTs. NFTs made heads turn last year, becoming Collins Dictionary’s word of the year. However, with the onset of the crypto winter, several NFTs lost value and many NFT marketplaces have failed to recover from the price drop, nine months into the current year.
But the surge of Solana-based NFT trading represents a bright spot in the broader NFT market. Solana-NFTs are meager and new to the NFT marketplace compared to other bigger and more popular NFT projects like Bored Apes Yacht Club and CryptoPunks.
Chase Barker, head developer at the Solana Foundation, recalls people mocking Solana NFTs on Twitter when they first made their appearance.
FAQs
Can Solana be used for NFT?
Yes, Solana can be used for NFTs. It hosts decentralized applications and supports NFT marketplaces, making it a suitable platform for creating, buying, selling, and trading non-fungible tokens.
Which is the most popular NFT marketplace on Solana?
The most popular NFT marketplace on Solana is not explicitly mentioned in the provided search results. However, Solana-based NFT marketplaces allow users to buy, sell, and trade non-fungible tokens directly on the Solana blockchain.
What is the NFT standard on Solana?
The specific NFT standard on Solana is not mentioned in the provided search results. However, Solana supports the creation and trading of NFTs, likely following standard protocols and formats common in the NFT ecosystem.
Why is Solana popular for NFTs?
Solana is popular for NFTs due to its high-speed transaction processing and low fees. Its proof-of-history consensus mechanism enables quick transaction validation, making it attractive for NFT creators and traders. Additionally, Solana’s scalability and growing ecosystem contribute to its popularity in the NFT space.
