Despite an overall cool-down in the market, the number of non-fungible tokens (NFTs) issued on the Solana blockchain surged sharply. On September 7, the figure reached 312,000, The Block analysts said.
My latest for The Block:
NFT mints on Solana have surged to an all-time high pic.twitter.com/u2wfJEeQLo
— Frank Chaparro (@fintechfrank) September 11, 2022
Trading volumes of collectible assets in the network also jumped. On September 6 the total reached 373,760 SOL (~$13 million) — the largest daily value since May.
On this backdrop, in the aggregate marketplace rankings, the largest NFT platform on the network, Magic Eden, has boosted its market share since the start of the month. The share rose from 12% to 36.6% (as of September 7).
One Twitter user noted that Solana surpassed all blockchains in trading volume, including the traditionally leading Ethereum in the space.
Solana is something else. pic.twitter.com/dq93w91Zuq
— Christian (33.3%) (@Born_CiNNA) September 11, 2022
In the comments for the publication, Metaplex co-founder Stephen Hess suggested that the low entry barrier for creators played a role.
This is very similar to ‘cold calling’ — many did not take the Solana NFT space seriously. Yet in the last few weeks we have witnessed a breakthrough in trust,
According to Hess, users will be able to launch ‘a million NFTs for 50 SOL’ thanks to the platform’s new program. At the time of writing, minting a single collectible token on the platform costs 0.3 SOL (~$10.4).
In September, the creator of NFT collections y00ts and DeGods startup Dust Labs on Solana raised $7 million in strategic investments.
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