NFT Minted On Solana Sudden Rise, Reaching 312.000 ATH

The number of NFTs minted on Solana has recorded an all-time high, according to The Block Research data the number of NFTs minted has reached 312,000 ATH. The heightened activity around Solana-based NFT trading represents a bright spot in the overall NFT market.

According to The Block Research’s Data Dashboard shows that the number of NFTs minted on Solana – or the number of new NFTs created on its blockchain – surged to a high of 312,000 on September 7. That figure represents a significant increase compared to the 39,000 on September 4.

Solana-based NFT volumes have risen, with the total volumes across marketplaces hitting $11.5 million on September 6 – the highest level since May. Magic Eden, which launched as a marketplace dedicated to Solana NFTs, has seen its market share grow from 12% at the beginning of September to 36.6% on September 7.

An encouraging sign for the whole NFT sector is the increased activity surrounding Solana-based NFT trading. Popular NFT marketplace volumes have not been able to rebound from a sharp decline earlier this year.

Solana has historically only represented a small portion of the entire NFT ecosystem, but because of its affordable fees, quick transactions, and minimal energy usage, the platform has become a well-liked substitute. considerably less. Even though this NFT platform didn’t launch until the middle of 2021, it only took six months for it to register over $1 billion in trading volume across more than 5.7 million NFTs from 85,000 projects.

Objectively, it should be understood that Solana-based NFT needs to put in more effort if it wants to succeed in the NFT market because there aren’t any “quality” NFT projects or trading platforms available right now such as Ethereum’s CryptoPunks and the Bored Ape Yacht Club (BAYC).

Because in fact, although Magic Eden has continuously strengthened its brand through a 130 million USD funding round and established the investment arm Magic Ventures, focusing on web3 gaming, this top NFT Marketplace on Solana has always been criticized. The community is constantly criticizing the inefficient business practices, especially the lax censorship of the platform that has led to a series of NFT rugpull projects.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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