- Activities associated with Solana-based NFTs, irrespective of an overall tepid market, are surging significantly.
- The number of NFTs minted on Solana surged to a high of 312,000 on September 7, representing a notable surge as compared to the 39,000 on September 4.
- Solana-based NFT volumes have surged, too, with the total volumes across marketplaces hitting $11.5 million on September 6.
In recently released research data, it was revealed that NFTs on Solana are having a splendid moment as the Solana NFT mints hit 300,000 on September 7. This figure represents a notable surge as compared to the 39,000 on September 4.
The activity around Solana-based NFTs is surging significantly even though the overall NFT market is facing challenges. Along with this, the volumes of the NFTs based on Solana have risen, with the total volumes across marketplaces hitting $11.5 million on September 6. This has marked the highest level since May.
Source: The Block
As revealed in the data, Magic Eden, which was launched as a marketplace dedicated solely to Solana NFTs, has witnessed a market share growth from 12% at the start of the month of September to 36.6% on September 7.
Well, this goes without saying that the skyrocketed activity surrounding Solana-based NFT trading represents a silver lining in the broader NFT market. However, this is coming as a surprise as volumes across popular NFT marketplaces have failed to recover from a steep drop earlier this year.
Discussing with regard to the history of NFTs, they have only made up a small segment of the overall ecosystem for NFT collectibles and digital art. However, it should be noted that the largest projects, such as Pudgy Penguins and Bored Apes Yacht Club, were first minted on Ethereum.
Chase Barker, the head of the developer ecosystem at the Solana Foundation, released a statement on Twitter that said:
I remember once upon a time (last year) that ‘some people’ laughed at Solana NFTs. It’s so true. It felt like cold calling—a lot of people not taking Solana NFT space seriously.
In accordance with the Magic Eden Founder Zhuoxun “Z” Yin, the huge success of the y00t launch illustrated the robustness of the Solana NFT ecosystem.