Can this initiative revamp Solana’s [SOL] NFT space dampened with the exit of Y00ts and DeGods
- Solana’s NFT trading activity picked up over the last week, reflected by a nearly 29% rise in the number of buyers and sellers.
- Solana network established a lead over other networks in terms of network activity.
The Solana [SOL] network witnessed a rebound of sorts in its NFT landscape ever since the departure of two of its most well-known collections – y00ts and DeGods.
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After the exit of Y00ts and DeGods, Solana [SOL] brings in novel initiative to revamp its NFT landscape
Realistic or not, here’s SOL’s market cap in BTC terms
As evident from CryptoSlam data, trading activity has picked up over the last week, reflected by nearly 29% rise in the number of buyers and sellers.
More good news for Solana NFTs
The Solana Foundation launched its first NFT pitch contest, aimed at encouraging budding creators to build new NFT brands that have real world impact. Dubbed as ‘NFT Showdown’, the goal of the competition is to improve the quality of NFT projects in the Solana ecosystem.
The competition will provide a platform for creators to come up with business pitches that will explore the verticals of fashion, entertainment, or gaming, thereby driving the growth of utility NFTs.
Solana added that the winners of the contest will get mentorship from industry experts.
💥 Welcome to the @Solana NFT Showdown!
The Solana Foundation is hosting its first NFT brand pitch competition to help creators develop sustainable business plans and connect with top judges from across the NFT ecosystem.
Details below 👇 pic.twitter.com/QUfBsyXe9N
— Solana Foundation (@SolanaFndn) May 4, 2023
Solana’s new initiative attempts to address a sticky issue in the NFT landscape. Over the last few years, hundreds of NFT collections with soaring valuations have flooded the market. But rather than utility, it was the reputation which was primarily driving the value.
Of late, Mad Lads, a collection of 10,000 unique profile picture (PFP) NFTs, has played a major role in reviving the network’s NFT landscape.
Network activity jumps
Solana network started to assert its dominance in network activity when compared to other blockchain networks. At over 571k daily active addresses, Solana established a big lead over Polygon [MATIC] and Ethereum [ETH] in the last 24 hours.
In terms of trading activity, Solana again outpaced other networks by logging 25.5 million transactions over the last 24 hours, significantly higher than the second-best Polygon network which recorded a little more than 2 million transactions.
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However, the new developments in the Solana ecosystem failed to uplift the native token SOL, as it dropped by 1.12% over the last 24 hours, data from CoinMarketCap revealed.
Moreover, investors were not too keen to bet on the token as the weighted sentiment trended in the negative territory, as per Santiment.