The overall demand for NFTs may be faltering, but those on the Solana are not. In fact, Solana NFT transactions skyrocketed to one million weekly, according to Nansen data.
Pushing the trading volume across Solana-based NFT marketplaces are Magic Eden and Metaplex, that has increased their respective market shares of the overall NFT space this month. But the latest surge in activity in the blockchain can be credited to Solana-based y00ts mint t00b, which has fetched over $10.5 million in trading volume.
Solana NFT transactions per week presented without comment pic.twitter.com/LCJBtjQMaI
— Nansen Intern 🧭 (@nansen_intern) September 12, 2022
Solana’s y00ts Steals the Show
Data from DappRadar suggested that y00ts even eclipsed leading NFT collection, Bored Ape Yacht Club (BAYC), and the Ethereum Naming Service (ENS) over the past week.
The “y00ts mint t00b” collection has given Ethereum NFTs a run for their money. After a hot start last week, it even topped OpenSea volume charts. Its much-anticipated launch, however, wasn’t spared from delays and complications. It was initially scheduled to drop on September 4, however, due to the detection of a “blocker bug,” the y00ts mint was delayed and went live the next day.
Amid the chaos, the Web 3 tech company tied to the project – Dust Labs – secured $7 million in funding from multiple venture capital firms, including FTX Ventures and Solana Ventures. Additionally, its whitelist included celebrities such as football legend Wayne Rooney, former basketball star Allen Iverson, and rapper Lil Baby.
Solana Scaling Over 2k Nodes
The rise of NFTs in the Solana ecosystem comes after it battled with several downtimes, even especially during the bear market. According to crypto intelligence firm, Messari, Solana has scaled over 2,000 nodes, which was indicative of fixes brought about by the development team.
It is worth noting that running a node on Solana is an expensive affair because of low transaction fees or validator revenue. Hence, validators have to come up with a strategy to monetize transactions with low fees.
Nevertheless, its low transaction fees compared with Ethereum’s has prompted its prominence. Earlier this month, the Internet of Things (IoT) blockchain network Helium launched a proposal seeking a complete transition to Solana in a bid to “improve operational efficiency and scalability” while discarding its own blockchain.
The voting to move Helium Oracles and migrate Helium’s tokens and governance to the Solana blockchain is currently underway and is expected to pass.
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