Can Solana’s latest move on the NFT front break SOL’s ongoing slumber
Solana [SOL], as of 9 October, announced a new experiment that the ecosystem planned on undertaking. Blue chip SOL NFTs, such as DeGOD’s and y00t’s would undergo a change where royalties would be eliminated. This may provide a much-needed boost to the Solana NFT marketplace.
As this tweet goes live, the metadata for the DeGods collection royalties are being updated from 9.99% to 0%.
Next, @y00tsNFT (t00bs).
— DeGods (@DeGodsNFT) October 9, 2022
Here’s AMBCrypto’s Price Prediction for Solana for 2022-2023.
The DeGodsNFT official twitter account posted an update stating that they would be removing their royalty fees which were at 9.99% initially. This update may incentivize the NFT holders to get involved with more transactions.
In need of a helping hand
Given the downtime dilemma and other issues that Solana has faced, the blockchain’s saving grace was its improving NFT market. However, over the past month, its NFT marketplace too seemed to generate some disappointing results.
As can be seen from the image below, the volume of NFT’s traded declined since 26 September. However, the new development from DeGods could regenerate interest in SOL NFTs and could help SOL get back on its feet.
At the time of press, Solana’s Blue Chip NFT’s weren’t performing well. Over the last 30 days, the Solana NFT declined significantly and depreciated by 4% in the last 24 hours.
Although DeGods are a huge part of the overall blue-chip index, they have fared well as compared to the overall Solana NFT index. Additionally, over the past week, DeGods NFTs observed growth, and a massive spike in transactions and volume was also observed.
This spike could be attributed to their latest development and could be indicative of what the future could look like for this collection. Despite a rise in the number of transactions for the NFT collection, the overall floor price witnessed a decline.
Furthermore, other NFT projects, such as SolanaMonkeyBusiness , witnessed similar growth in terms of transactions and volume. However, the same could not be said about the y00ts NFT collection as it witnessed a decline in terms of the aforementioned metrics.
A thoughtless move?
Despite Solana’s constant efforts to improve its NFT community, the efforts did not impact Solana. Its volume and market cap were observed to be declining over the past few days. This could could be perceived as a bearish indicator by potential investors.
However, there was a slight uptick observed in terms of developer activity in the past few days. Thus, depicting that Solana developers may be trying to add new upgrades and updates to their system.