Solana’s fall in the NFT market -What is wrong?

The unchanging token market, which is unchanged around the world, has moved to a more constant environment in rapid growth and high trading volume. Some NFT collections maintained relevance and value, but many other NFTs reduced prices and interest. In this article, we will make a detailed evaluation of the Solana -based NFT injury and the fall in recent months.

Solana falls to the seventh place on the NFT market chart.

Compiled by Cryptoslam, one of the leading on -chain password market data collectors and inseparable token market explorers, the open source blockchain network that supports smart contracts such as flashing tokens and various decentralized applications this month is transferred to sales volume that is traded again this month. It shows you lost. Over the last 30 days, the Solana -based NFT collection has accumulated $ 30 million in sales. During this period, Solana NFT sales fell 23% from last month.

In another month, Solana has lowered its ranking in the world of incomprehensible token markets and has ranked seventh in NFT sales per blockchain over the last 30 days. Solana has lost the initial dominance of BNB chains, a blockchain network that supplies power to BNB chain and ordinance, rune and BRC-20 NFT collections famous for Binance’s NFT chain, mythos chain, and NFT game.

Solana’s injury in the NFT market

Solana was in the spotlight in 2021 during the Bull Run period, which was not historic in 2021, and many untraction token collections reached a record high and many investors changed their lives. Since then, SOLANA -based NFT has soared due to the high speed and low transaction fee of the blockchain, making it an attractive alternative to Ethereum -based NFT.

Major Solana NFT collections, such as the Solana NFT ecosystem, such as the Solana Monkey Business, Bears, Okan and Portals NFT Collection, have grown powerful communities and provided unique utility. Another contributor to Solana NFT growth includes the Magic Eden NFT Market platform, which greatly contributed to the growth of Solana NFT ecosystems by providing low transaction fees and user -friendly NFT platforms with fast processing time.

Tensor has greatly contributed to the growth of the Solana NFT market by establishing it as a major market for sophisticated NFT traders and introducing innovative functions and incentives. The increase in the Solana NFT market is often compared with the effects of Blur’s Ethereum NFT market. Tensor has adopted a similar model to Ethereum’s Blur, and has been appealing to serious NFT traders by focusing on advanced trading tools, real -time prices and live minting.

Solana NFTS falls: What is wrong?

Solana NFT prices and trading volume have experienced a stagnation due to some elements, including a wide range of cooling in the NFT market, a decrease in the value of SOL tokens, and an overproduction of speculation. Solana’s low trading fees can make it more accessible to Solana NFT minting, but this has not been converted to overall expenditure. Instead, the decrease in SOL prices has prevented some NFT investors.

Other Solana NFT problems stemed from the combination of factors, including network instability, high botting activities and market fluctuations. Solana offers a lower transaction fee than other blockchains, but it was particularly difficult due to network congestion and botting, especially during NFT MINTS. These factors have influenced the user experience and potentially NFT. In addition, as the popularity of other NFT platforms such as Ethereum, BNB Chain and Emutable has increased, it has played an important role in the challenge faced by Solana NFTS.

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