- Solana experienced a decline of 33% in daily NFT mints in the past couple of months.
- The daily NFT mints on the platform fell from 146,482 on Jun 10, 2022, to 98,647 on Aug 10, 2022.
- Solana’s team seems more focused on developing the mainnet compared to promoting the platform.
Often phrased as the “Ethereum Killer,” Solana Blockchain has seen a significant and continuous decline in the number of non-fungible tokens (NFT) mints in the last couple of months.
As per the reports and data from the last two months, the daily NFT mints on the platform fell from 146,482 on Jun 10, 2022, to 98,647 on Aug 10, 2022. This represents a difference of 48,108 and a 33% decrease.
Few experts say the decrease in the NFT mint is that the glamor and excitement of NFTs have faded. Instead, investors prefer old and more traditional forms of investment due to the recent volatility. Also, Cryptocurrencies or tokens are more opted compared to NFTs.
Adding further, there has been a massive decline in crypto prices, which has resulted in investors being less likely to buy additional tokens and more likely to keep onto the ones they already have.
Additionally, the Solana team seems much busier and focused on designing and working on the mainnet, and the team has failed to promote the platform as much as they did in the beginning. This has also contributed to the decline of NFT mints.
The Solana Blockchain is also struggling to compete with other platforms like EOS, as it has been growing to offer the same features and is now growing in popularity. This can also be another good and valid reason causing some of the users to switch to other platforms.
Solana has been dealing with a wave of outages from the beginning of the year, with one lasting almost 18 hours in January. Most of these stability problems are caused by the influx of bots into the platform.
In April, the blockchain went dark for approximately 7 hours because of the rush of bots that forced the network to fallout and crash.
Despite all these problems and issues, Solana remains one of the most prominent blockchains in use today due to its ability to quickly and efficiently process large numbers of transactions.