NFT coins on Solana hit an all-time high

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Activity is increasing around Solana-based NFTs despite an overall tepid market for so-called non-fungible tokens.

Block Research’s data dashboard shows that the number of NFTs minted on Solana — or the number of new NFTs created on its blockchain — peaked at 312,000 on September 7. This figure represents a significant increase from 39,000 on September 1. 4.

At the same time, Solana-based NFT volumes increased, with total volumes in the marketplaces reaching $11.5 million on September 6 – the highest level since May. Magic Eden, which launched as a marketplace dedicated to Solana’s NFTs, saw its market share increase from 12% in early September to 36.6% on September 7.

The increased activity around Solana-based NFT trading represents a bright spot in the broader NFT market. Volumes in popular NFT markets failed to recover from a steep drop earlier this year.

Historically, Solana-based NFTs were only a small segment of the overall ecosystem of non-fungible collectibles and digital art, with larger projects such as Bored Apes Yacht Club and Pudgy Penguins having been created for the first time on Ethereum.

“I remember once upon a time (last year) that ‘some people’ made fun of Solana’s NFTs,” noted Chase Barker, Developer Ecosystem Manager at the Solana Foundation, on Twitter.

“It’s so true. It was like a cold call – a lot of people don’t take the Solana NFT space seriously,” Metaplex co-founder Stephen Hess echoed to The Block during a telephone interview.

Historically, the low barrier to entry meant that low-quality collections could copy more legitimate projects at a lower price.

“In recent weeks we have seen a breakthrough in credibility, however,” Hess said. “We were able to make a compelling case for the cost structure: creators on Metaplex can hit 1 million mints at a time for 50 SOL.”

Dust Labs – the project behind the NFT y00ts collection and the popular DeGods collection – earlier this week announced a $7 million fundraiser and saw $9.6 million in secondary sales in September from its “y00ts” collection. mint t00b”. Dust Labs counts FTX, Jump, and Solana Ventures as backers.

The successful launch of y00t illustrated the robustness of the Solana NFT ecosystem, according to Magic Eden founder Zhuoxun “Z” Yin.

“I think people are realizing that Solana is still quite liquid as an NFT market despite the bear,” he said in a message to The Block. “[It] went pretty well, so that again leads to a mini-wave of hitting and negotiating.”

© 2022 The Block Crypto, Inc. All rights reserved. This article is provided for informational purposes only. It is not offered or intended for use as legal, tax, investment, financial or other advice.

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