Solana bets 14% on the NFT market to boost ecosystem


  • Despite recent drops in SOL’s price, NFT sales volumes on Solana are said to have increased since 2022.
  • According to the cryptocurrency analysis website Delphi Digital, Solana has significantly grown its market share.
  • SOL is expected to cost $21.40 on average.

Despite recent declines in the price of SOL, NFT sales volumes on Solana have allegedly grown since 2022, positioning the ecosystem as the second-largest NFT marketplace behind Ethereum.

Delphi Digital, a cryptocurrency research site, claims that Solana has increased its market share dramatically, going from 6% of the NFT market sales volume to 14% in less than a year. The information given by data aggregator Cryptoslam supports the claim.

81% of the NFT sales volume was made on the Ethereum blockchain, down from 86% in 2022 and a 5% decrease. While Immutable X, Cardano, Polygon, Flow, and BNB tied for second place with 1% of the NFT sales volume from February 2022 to February 2023, Solana had 14% of the overall NFT sales volume.

On the leaderboard for NFT sales volume, Immutable X, Cardano, and BNB have seized new positions, pushing Ronin and Avalanche aside. On the other hand, Flow and Polygon kept their positions.

Delphi Digital went so far as to assert Solana’s “NFTs are carrying the ecosystem” in their additional disclosure that Solana’s DeFi stats couldn’t compare to the NFT sales quantities.

SOL’s value has dropped, dropping to $20.55 at the time of writing, down 6.75% from its seven-day high of $23.91 on February 8th, 2023, despite increasing NFT sales. Twitter user RaphaelSignal believes Delphi Digital is deceiving its readers with bogus statements, which may be compounding the network’s obvious problems.

Solana recently underwent several changes, which represent the upbeat outlook held by the network’s founders on January 31st, 2023, including new collaborations with Brave browser and Def Jam Records.

Changelly’s cryptocurrency analysts have estimated SOL’s price for February 2023. The analysts predict that SOL will rise to a minimum of $19.56 and a maximum of $22.01. SOL is anticipated to cost an average of $21.40.

According to CoinMarketCap data, the volume of SOL’s 24-hour trade has increased by 139%. SOL is still down 92% from its peak of $260 on November 6, 2021, nevertheless.