Solana Becomes Second Largest NFT Ecosystem, Will SOL Prices React?  

Despite the recent FTX saga, nonfungible token (NFT) activity on the Solana network has remained positive.

Solana is now the number two ecosystem for NFTs, according to an analysis by institutional research firm Delphi Digital.

According to Cryptoslam data, the 30-day sales volume metric has surpassed $50 million. Other NFT networks lag far behind, including ImmutableX, Cardano, Polygon, Flow, and BNB Chain. Solana NFTs had $60 million in 30-day sales volume as of Dec. 8, which is more than four times the next ecosystem, ImmutableX.

However, Ethereum continues to dominate the NFT market by a wide margin. According to the data, the 30-day NFT sales volume on Ethereum was around $400 million.

Furthermore, NFT sales have been crushed this year due to a general decline in the crypto asset market.

Furthermore, NFT sales have been crushed this year due to a general decline in the crypto asset market.

Solana enthusiasts have been predicting a good year for the ecosystem, but the reality could be quite different.

Compressed NFT minting could be a game changer for web3 game developers. On the Solana network, this means they can create thousands of in-game NFTs for very little money.

A number of game titles are also set to be released on Solana next year. According to Solana Ventures investor Justin Barlow, the launch of the Saga Solana-based phone will be a watershed moment for the ecosystem.

However, DeFi on the network took a significant hit in 2023. Since the beginning of the year, the total value locked on Solana has fallen by 96%. According to DeFiLlama, TVL is currently worth only $248 million.

Furthermore, according to BeInCrypto, on-chain activity in general has collapsed. Transactions, active addresses, and wallets have all fallen significantly in recent months.

All of this has resulted in lower SOL prices.

Solana’s SOL coin has traded flat over the last 24 hours and was trading for just under $12 at the time of publication.

SOL has been in a steady decline for several weeks, losing 14.5% in the last seven days. Furthermore, the coin is currently 95.4% lower than its all-time high price of $260 in November 2021.

The other asset associated with FTX, FTT, has risen today as a result of Sam Bankman-release. Fried’s FTT rose by around 30% a few hours ago, but has since fallen to around $0.959 at the time of writing.

Nonetheless, the US Securities and Exchange Commission declared the exchange token a security, and it is down 98.9% from its all-time high.