Although global demand for NFTs is declining, those on the Solana are not. According to Nansen data, Solana NFT transactions have risen to one million per week.
Magic Eden and Metaplex, which have expanded their respective market shares of the overall NFT space this month, are pushing the trading volume across Solana-based NFT marketplaces. However, the most recent rise in blockchain activity can be attributed to Solana-based y00ts mint t00b, which has fetched over $10.5 million in trading volume.
According to DappRadar, y00ts has even surpassed the leading NFT collection, Bored Ape Yacht Club (BAYC), and the Ethereum Naming Service (ENS) in the last week.
The “y00ts mint t00b” collection has put Ethereum NFTs to shame. Following a strong start last week, it even led the OpenSea volume charts. Its much-anticipated release, however, was marred by delays and issues. The y00ts mint was supposed to go live on September 4, but owing to the discovery of a “blocking bug,” it was postponed and went online the next day.
In the midst of the pandemonium, Dust Labs, the Web 3 tech company associated with the project, received $7 million in funding from a number of venture capital firms, including FTX Ventures and Solana Ventures. Additionally, celebrities such as football icon Wayne Rooney, former basketball great Allen Iverson, and musician Lil Baby were on the whitelist.
The growth of NFTs in the Solana ecosystem follows repeated downturns, particularly during the bad market. According to the crypto intelligence firm Messari, Solana has scaled beyond 2,000 nodes, which is indicative of development team fixes.
Because of the low transaction fees and validator revenue, running a node on Solana is an expensive endeavour. As a result, validators must devise a plan for monetizing transactions with low fees.
Nonetheless, its low transaction fees in comparison to Ethereum’s have propelled it to prominence. Helium, an Internet of Things (IoT) blockchain network, launched a proposal earlier this month demanding a complete shift to Solana in order to “increase operational efficiency and scalability” while abandoning its own blockchain.
The vote to relocate Helium Oracles, as well as Helium’s tokens and governance, to the Solana blockchain is now taking place and is likely to pass.