- The number of NFT traders on Solana recently rallied to a multi-month high.
The steady decline in SOL’s price has led to a fall in NFT sales volume.
As a researcher with experience in the crypto and NFT space, I’ve been closely monitoring the trends on Solana (SOL) regarding NFT traders and sales volume. The daily count of NFT traders on Solana reached a multi-month high of 123,426 on May 8th, representing an impressive 111% surge from the previous day’s figure.
As a crypto investor closely monitoring the NFT market on Solana, I’m thrilled to share that the daily number of NFT traders reached a multi-month peak on May 8th, according to CryptoSlam’s latest data.
I checked the NFT data tracker yesterday and was amazed to discover that a staggering 123,426 traders transacted at least one Solana NFT. This represented a remarkable 111% increase from the 58,405 traders who engaged in such transactions the day prior.
Despite the significant increase in the number of NFT traders on Solana, the total volume of NFT sales on this platform decreased by 16% on May 8th. On that day, the US dollar value of all NFTs sold on Solana amounted to $3.01 million.
On the 7th of May, it was above $3.5 million.
The decrease in sales volume can be attributed to the continuous drop in SOL‘s worth over the past few days. As per CoinMarketCap’s information, the coin’s value decreased by 7% from the 7th to the 8th of May.
At press time, SOL traded at $143.04.
A drop in SOL‘s price could make it less expensive to create and purchase NFTs on the Solana network. However, this doesn’t necessarily mean that the overall expenditure will remain the same as previously.
As an analyst, I can understand how investors holding SOL-based NFTs might be reconsidering their decision to sell given the recent downward trend in Solana’s (SOL) price action. The potential appreciation of SOL’s value that initially drew them to these investments may now seem less certain, making it a tough call for some to part ways with their assets.
This could lead to fewer high-value NFT purchases, impacting the overall sales volume.
State of the NFT market
The NFT ecosystem’s overall performance was evaluated, showing a decrease in the last month, aligning with the cryptocurrency market’s downward trend.
Based on the latest figures from CoinGecko, the total value of all cryptocurrencies combined has dropped by nearly 15% over the past month, amounting to approximately $2.4 trillion at present.
Based on NFTGo’s findings, the sales volume for NFTs during that timeframe amounted to $488 million, representing a decrease of 29% compared to previous periods.
The NFT market capitalization decreased significantly due to a drop in trading activity. Currently valued at approximately $17.28 billion, this represents a 15% decrease over the past month.
Read Solana’s [SOL] Price Prediction 2024-25
During that period, the NFT trader count fell by 9.5%.
As a researcher examining the data from NFTGo, I discovered that approximately 107,000 distinct Ethereum addresses engaged in buying or selling transactions for any of the monitored NFT collections throughout the past month.
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2024-05-10 07:03