Despite the current FTX saga, nonfungible token (NFTs) activity on the Solana network has remained favourable. Solana is now the second-best ecosystem for NFTs, according to data from the institutional research company Delphi Digital.
The 30-day sales volume indicator has surpassed $50 million, according to Cryptoslam data. Cardano, Polygon, Flow, and BNB Chain lag far behind other NFT networks. Solana NFTs has $60 million in 30-day sales volume as of December 8, this is more than four times the following ecosystem.
However, Ethereum continues to command a commanding lead in the NFT industry. According to the data, the 30-day NFT sales volume on Ethereum was almost $400 million.
Additionally, NFT sales have plummeted this year amidst a general decline in the value of crypto assets “Solana is the number 2 NFT Ecosystem by sales volume.”
After 2023, Solana
However, the truth can be very different. Solana enthusiasts have been praising a terrific year for the environment.
For web3 gaming developers, compressed NFT minting may be a significant issue, and they may thus produce a large number of in-game NFTs on the Solana network at a meagre cost.
In addition, several video games are scheduled to debut on Solana in 2019. According to investor Justin Barlow of Solana Ventures, introducing the phone powered by Saga Solana will also be a turning point for the ecosystem.
This has been a massive year for @Solana, filled with peaks and troughs. As 2022 draws to a close, here are just 10 of the hundreds of things to look forward to in the Solana ecosystem in 2023
On the network, DeFi has, however, experienced a significant decline as of 2023. Since the beginning of this year, the total value locked on Solana has decreased by 96%. DeFiLlama claims that TVL’s current value is a pitiful $248 million.
Additionally, BeInCrypto stated that on-chain activity had collapsed entirely. The number of transactions, active addresses, and wallets has decreased recently.
The lower SOL prices are a result of everything mentioned above.
Price Estimate For SOL
At the time of publication, the price of Solana’s SOL coin, which has had regular 24-hour trading, was trading at just under $12.
SOL has lost 14.5% over the last seven days and has had a consistent slump for several weeks. In addition, the coin’s current value is 95.4% from its stratospheric peak price of $260 in November 2021.
The memes had already started to appear on cryptocurrency Twitter.
#Bitcoin Solana Notwork
As a result of Sam Bankman-Fried’s release on bail, the second FTX-related asset, FTT, has increased in value today. FTT experienced a temporary 30% increase but has now dropped to about $0.959 at the time of writing.
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Furthermore, the exchange token, down 98.9% from its peak, was classified as a security by the U.S. SEC.