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Will Solana NFTs propel SOL ahead?

2min Read

Solana’s NFT volumes rise as blue chips gain popularity on the network.

Will Solana NFTs propel SOL ahead?

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  • Solana’s NFT volumes witnessed an uptick, driven by blue-chip collections.
  • Magic Eden’s new development could incentivize Solana’s growth.

Solana [SOL] witnessed a massive amount of growth over the last few months due to the popularity of meme coins and DEXes on its network. However, recently it was seen that NFTs were driving growth on Solana.

Blue chips lead the way

The Blue Chip Solana NFT index witnessed a massive surge in volume over the last 24 hours. According to Solanafloor, the volume of Solana NFTs grew by 27% in the last week.

Some famous NFT collections that spearheaded the growth included MadLads, Tensorians, and Solana Monkey Business.

Source: Solanafloor

However, the total floor value of these collections continued to decline. This suggested that many addresses capitalized on the decline in prices of Solana NFTs and bought these collections at a discount.

Source: Solanafloor

The activity on the Solana network grew materially as well. Recent data indicated that revenue generated by Solana in the last 30 days grew by 140.2%.

Despite these factors, the overall activity on Solana declined. According to Token Terminal’s data, the daily active users on the Solana network fell by 16.6% in the last month.

Source: Token Terminal

New developments

However, things could change for the Solana network, going forward.

Magic Eden, one of the most popular NFT marketplaces in the crypto sector, recently announced that it would be building a reward program that would be starting on the Solana network.

Not only will users flock to the Magic Eden marketplace, but this in turn will help Solana see a surge in activity on its network.

It would incentivize users to buy more NFT collections on the Solana network as well, further improving the state of the Solana ecosystem.

How much are 1,10,100 SOLs worth today?

At press time, SOL was trading at $87.62, and its price had risen by a massive 9.11% in the last 24 hours.

Even though the token witnessed a sudden spike in interest, the price uptick still wasn’t enough for a reversal. However, if the trend continues, there may be a chance for a bullish future.

Source: Santiment


Himalay is a full-time journalist at AMBCrypto. A Computer Science graduate, Himalay writes about crypto with a special focus on the latest coin-based updates. He is a fan of gonzo journalism, transgressive fiction, heavy metal, and Manchester United.
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