- Solana reached the second position in the NFT world.
- Dune Analytics mentioned that transaction volume has decreased.
- The NFT market has been the growth of blue-chip NFTs within Solana’s ecosystem.
Solana has performed well in the NFT market since last month. In terms of NFT volume, Solana did better than most cryptocurrencies, according to statistics compiled by Delphi Digital, and it took second place.
The leadership of Solana may be seriously threatened by the decline in transaction volume and the migration of sizable NFT collections to other chains.
Top chains by NFT volume (30 days)— Delphi Digital (@Delphi_Digital) January 21, 2023
The volume of the Blue-chip index was mainly generated by NFT collections like DeGods and y00ts, even though these Blue-chip indexes were expanding.
One of the most critical developments in the NFT market has been the growth of blue-chip NFTs within Solana’s ecosystem. They have increased considerably, largely due to the investors who flocked to the Solana market to purchase these assets.
A falling number of traders showed waning interest in Solans’s NFT. According to NFTGO, there has been a decrease in traders over the last few weeks, from 5,235 to 2,405.
Dune Analytics claims that this decline decreased the volume of transactions in the Solana network.
Additionally, the falling activity on Solana’s dApps suggests a waning interest in the ecosystem. For well-known dApps like Magic Eden, Raydium, and Saber, Dapp Radar reports a decline in unique active wallets.
The number of distinct active wallets on each of the DApps’ platforms fell by more than 20% over the previous week. Magic Eden, one of Solana’s largest NFT markets, saw a volume decline of 12.77%. At the time of publication, dApp’s total volume was around $21.37 million.
Meanwhile, the Solana token’s volume has increased in recent days. Even though Solana’s volume continued to grow, its development activity decreased, indicating a decrease in the number of contributions submitted to its GitHub. Nevertheless, the SOL’s price had risen by 1.14% in the previous 24 hours to $25.20 at the time of publication.