Solana Blockchain Network Stands Second in NFT Activities Dec 23, 2022 Dec 23, 2022 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsDecember 23, 2022 by Kelly Cromley

Solana Blockchain Network Stands Second in NFT Activities

Regardless of the current FTX scandal, nonfungible token (NFT) activities on the Solana blockchain network has been healthy. Solana has emerged as the second leading platform for NFTs, as per investigation by the institution-focused research company Delphi Digital.

As per Cryptoslam statistics, the 30-day sales volume measure surpassed $50 million. Competing NFT networks, like ImmutableX, Cardano, Polygon, Flow, and BNB Chain, are lagging significantly. Solana NFTs has a 30-day sales volume of $60 million as of December 8th, which is greater than four times the next largest environment, ImmutableX.

Nevertheless, Ethereum continues to dominate the market for NFTs by a vast majority. As per the statistics, 30-day NFT sales volume on Ethereum was over $400 million. In addition, NFT sales have plummeted in 2022 as the market for crypto assets as a whole has declined.

Solana enthusiasts have been predicting a prosperous year for the environment, but the truth may be very opposite. Compressed NFT minting might be a major issue for web3 game developers. This implies they can produce hundreds of in-game NFTs on the Solana ecosystem at very low cost.

In addition, many gaming titles are scheduled for release on Solana in 2023. Justin Barlow, a Solana Ventures investor, said that the debut of the Saga Solana-powered phone would also mark a turning point for the network. In 2022, nevertheless, DeFi on the blockchain network has suffered a significant knock. Since the start of 2022, the entire value of Solana’s locked assets has dropped by 96%. As per DeFiLlama, TVL’s current value is a meagre $248 million.

In addition, as noted by BeInCrypto, on-chain activity has fallen generally. In the last several months, trades, active addresses, and crypto wallets have all declined dramatically. All of this has been manifested in the low SOL costs. During the time of publication, Solana’s SOL currency was exchanging hands for a price slightly below $12 after 24 hours of flat trading. SOL has been on a consistent slump for some weeks, losing 14.5% during the previous week. In addition, the crypto token’s price is presently 95.4% lower than its stratospheric peak of $260 in November last year.

FTT, the second asset related with FTX, has risen today in response to the information of Sam Bankman-release Fried’s on bail. A few hours back, FTT surged over 30%, but has now fallen to roughly $0.952 while preparing this report. Despite this, the U.S. SEC classified the crypto exchange token to be a security, and it has fallen 98.9% from its all-time peak.

 

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.