NFT activity on Solana has suddenly exploded again

NFT activity on Solana is really picking up again even though the sector has had a rather quiet period over the past few months.

NFT activity on Solana has suddenly exploded again

According to Block Research data, the number of NFTs minted on Solana rose to a high of 312,000 on September 7, representing a dramatic breakout from just 39,000 about three days earlier.

At the same time, NFT trading volume on Solana also increased, with the total volume on NFT Marketplaces reaching $11.5 million on September 6 – the highest level since May 2022. Among them, Magic Eden – Solana's largest NFT Marketplace, recorded its market share increasing from 12% at the beginning of September to 36.6% on September 7. 

The increased activity around Solana-based NFT trading represents a bright spot in the broader NFT market. Volume on popular NFT markets has failed to recover from a dizzying drop earlier this year.

Historically, Solana only made up a small segment of the overall NFT ecosystem, however, the platform has emerged as a popular alternative due to its low fees, fast transactions, and energy consumption. significantly lower. Although only appearing around mid-2021, it only took Solana six months to record over $1 billion worth of trading volume across over 5.7 million NFTs from 85,000 projects.

However, it should be recognized objectively that Solana-based NFT needs to work harder to get ahead in the NFT game because the platform currently lacks "quality" NFT projects and trading platforms. such as Bored Ape Yacht Club (BAYC) and CryptoPunks on Ethereum.

Because in fact, although Magic Eden has continuously strengthened its brand through a 130 million USD funding round and established the investment arm Magic Ventures, focusing on web3 gaming, this top NFT Marketplace on Solana has always been criticized. The community is constantly criticizing the inefficient business practices, especially the lax censorship of the platform that has led to a series of NFT rug pull projects.

Recently, y00ts – another popular NFT project on Solana also had problems before the public launch when it delayed the NFT minting process to users due to a programming error from the development team itself.

It is worth mentioning here that despite the above trouble, Dust Labs, the development organization behind y00ts and the famous NFT project DeGods still raised $7 million from FTX, Jump Crypto and Solana Ventures. At first glance it may seem that Dust Labs has demonstrated the potential value the organization will bring to future NFT projects to successfully raise funding, however, the truth is that both FTX, Jump Crypto and Solana Ventures are all “family members” of Solana.