Solana emerges as the #2 NFT ecosystem


  • In the past 30 days, Solana has processed NFT sales worth $50 million.
  • Both on-chain activity and DeFi TVL have fallen.
  • SOL prices are flat and the coin has gone below $12.

Despite the FTX crash, NFT activity on Solana has been positive. Delphi Digital, the institutional research company, has analyzed that Solana is now the #2 ecosystem as far as non-fungible tokens are concerned. 

The sales volume of 30-day has hit $50 million. Solana NFTs recorded $60 million in 30-day sales volume as of December 8. The volume is four times more than ImmutableX. However, the NFT market is still being dominated by Ethereum by a significant margin, as the 30-day NFT sales volume on Ethereum was $400 million. 

Compressed NFT minting looks like a big thing for Web3 game studios, as they can mint thousands of in-game non-fungible tokens by spending quite less on the Solana network.

2023 will see several game titles releasing on Solana. Moreover, the release of Saga, the Solana-based phone, will be a crucial highlight for the ecosystem, as mentioned by Solana Ventures investor Justin Barlow.

Ever since the year has begun, the overall value on Solana has crashed by 96%. According to DeFiLlam, currently, the total volume locked is $248 million. Also, the on-chain activity has crashed. During the past months, active addresses, transactions and wallets have declined considerably. 

In the past 24 hours, the SOL coin has traded flat and was changing hands below $12. SOL has fallen for several weeks and has lost 11.61% in the past one week. At the moment, the coin is down 95.4% compared to its peak value of $260 in November last year. 

Talking about the other asset that’s connected with FTX, FTT has gone up 30% but has also retreated to $0.959. The U.S. SEC declared the exchange token a security, which is currently down 98.9%.