Solana NFT sales have been solid, but on-chain activity is down

Non-fungible token (NFT) activity on the Solana network remains positive despite the recent FTX glitch.

According to analysis by institutional research firm Delphi Digital, Solana has become the number two ecosystem for NFTs.

According to CryptoSlam data, the 30-day sales volume metric has exceeded $50 million. Other NFT networks such as ImmutableX, Cardano, Polygon, Flow and BNB Chain are far behind. As of December 8th, Solana NFTs had a 30-day sales volume of $60 million, which is 4X higher than the next in the ecosystem, ImmutableX.

However, Ethereum is still ahead in the NFT market by a wide margin. According to statistics the 30-day NFT sales volume on Ethereum was around $400 million.

Furthermore, NFT sales have been crushed this year amid a downturn in the broader crypto asset market.

Solana in 2023

Solana fans are claiming a great year for the ecosystem, but the reality could be quite different.

Compressed NFT minting could be a big deal for web3 game studios. This means they can create thousands of in-game NFTs on the Solana Network for very little cost.

In addition, several game titles are scheduled to be released on Solana over the next year. Solana Ventures investor Justin Barlow said that the launch of the Saga Solana-based phone will also be an important moment for the ecosystem.

However, DeFi on the network has hit a massive scale in 2023. The total value closed on Solana has dropped by 96% since the beginning of the year. According to DeFiLlama, TVL is currently at a modest $248 million.

Furthermore, on-chain activity, in general, has collapsed, as reported by BeInCrypto. Transactions, active addresses and wallets have all decreased significantly over the past few months.

All this has been reflected in depressed SOL prices.

sol price outlook

Solana’s SOL coin has traded flat over the past 24 hours and was changing hands for less than $12 at the time of press.

SOL has been in a solid downtrend for several weeks and is down 14.5% in the last seven days. Furthermore, the coin is currently down 95.4% from its November 2021 peak price of $260.

Memes were already cropping up on crypto Twitter.

FTX, other assets linked to FTT, were buoyed today by news of Sam Bankman-Fried’s bail. A few hours ago, FTT was up by almost 30%, but at the time of writing it was down to around $0.959.

Nevertheless, the exchange token was declared a security by the US SEC and is down 98.9% from its all-time high.


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