Solana Becomes The Second Largest NFT Ecosystem

Key Points:

• Solana 30-day sales volume has hit $50 million.

• Solana becomes the second largest NFT Ecosystem, right behind ImmutableX.

• New gaming projects will be released on Solana in 2023.

According to Delphi Digital’s study, Solana processed $50 million in NFT sales in 30 days, making it the second largest NFT ecosystem.

Based on Cryptoslam data, Solana’s 30-day sales volume has hit $50 million. Other NFT networks, such as ImmutableX, Cardano, Polygon, Flow, and BNB Chain, are trailing. The platform NFTs had $60 million in 30-day sales as of December 8, more than four times the next-closest ecosystem, ImmutableX.

However, Ethereum continues to dominate the NFT industry by a wide margin. The 30-day NFT selling volume on Ethereum is estimated to be approximately $400 million, according to the data.

According to Justin Barlow, the launch of the Saga Solana phone will be a watershed moment for the ecosystem. Furthermore, new gaming projects that will be available on this platform next year are disclosed.

However, DeFi on this network was severely impacted in 2023. Since the beginning of the year, the total value locked on the platform has decreased by 96%. 2022 is a difficult year for Solana due to a number of incidents that have left consumers feeling uneasy.

The Solana blockchain platform was inaccessible for more than four hours today afternoon due to a bug that hindered blockchain development. On December 18, at 1 p.m. ET, the Status page and Twitter account both reported the issue. Validators restarted the network about 5 p.m. ET to restore service.

The platform has had two significant downturns in recent months. When a new coin was launched in September of last year, the network became overburdened with transactions and fell offline for almost 18 hours. Solana Labs refers to it as a “denial of service attack” in a postmortem report.

The network’s SOL cryptocurrency surged in value in the fall of last year, but it has since fallen along with much of the rest of the crypto market. Despite the fact that many large firms in the sector have failed, people remain optimistic about this platform.

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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