The Solana blockchain strives to be king of NFT sales
NFT sales on the Solana blockchain have surpassed a new milestone of $2 Billion in sales. This milestone has been reached when NFT sales as a whole have taken a dive.
For those unsure, NFTs do not command the same excitement they did in late 2021 and early 2022. As a matter of fact, with the number of rugs pulls on the Solana chain and Solana having so many outages, there are those that think the current wave of NFT is over. The thrill of the mint has lost many enthusiasts as many feel like minting NFTs is like buying a lotto scratch-off card hoping to win a higher prize than the price of admission, there is just no happiness to be had from that. Another issue is those “paperhand” holders that sell the nft as soon as they mint it thus destroying the floor for the project.
Since the last outage, the price of Solana has dropped considerably but Solana is still in the fight and refuses defeat. There are so many more projects on the platform and so many more NFTs being created at the time of this article. Magic Eden still has. a strong market and there are new projects brought forth on the launchpad every day. Looking on the Cryptoslam webpage will show you that Solana is currently just below Ethereum in NFT sales ( though ETH still has a very commanding lead).
The platform has only been around for about 2 years but it has definitely become one of the main chains to look upon when considering NFT sales and creation. As of June 5, Solana’s total sales volume of $2.35 Billion shows the blockchain is definitely one to look out for. This is definitely good news after the disastrous past two months Solana has been having-leaving its native asset $SOL down $14 Billion in market capitalization.
The growth of Solana in the NFT space indeed can be attributed to the same factors that have always been at the forefront of Solana adoption; very low fees, speed, and a more positive community. Originally the price of SOL was another draw for developers but as the price has dropped significantly that factors a bit less in creation.