- Solana NFT Staples has decreased in the last 30 days and the number of daily active users has also decreased.
- However, SOL has performed well on both the pricing and metric fronts.
A Twitter handle called Solana Legends recently posted a tweet talking about her potential and capabilities. Solana’s (SUN) NFT ecosystem.
According to the tweet, Solana outperforms Ethereum in several aspects. This was something that could take the ecosystem to new heights.
One of the main advantages of Solana was its price. Solana is the cheapest series to launch NFT. For comparison, the cost of implementing smart contracts on Ethereum is around $5,000 or more, while on Solana it is $30.
0/ It’s a new era in NFT 👇
Royalties set to 0 or optional on SOL’s main NFT market @MagicEden Earlier @open sea
A thread 🧵 on why Solana iterates faster than Ethereum and will drive a lot of native innovation and ETH will overtake the NFT market
this trend has started
— Legend of Solana 🎒 (@SolanaLegend) February 18, 2023
Solana was ahead of Ethereum not only in terms of prices, but also in terms of the number of transactions. While NFT sales values remained higher for Ethereum, the average number of transactions per wallet was 10 times higher on Solana.
How much they cost 1,10,100 soles is it worth it today?
Not everything is perfect
Despite Solana’s skills, things have not gone her way on the field. Several data sets indicated that the SOL NFT ecosystem was not thriving.
In addition, CRYPTOSLAM data showed that Solana’s sales volume decreased by more than 57% in the last seven days. In addition, the number of unique buyers and sellers has also been on the decline since January 2023.
dune Statistics There are also plugins for CRYPTOSLAM as it showed that daily active users of the Solana NFT marketplace have been on a decline in recent weeks.
However, the sentiment chart looked bullish for the network as it showed an increase in the total number of NFT trades and USD trading volume over the past week.
Interestingly, while most NFT-related metrics were negative, Development The network rose to prominence in the DeFi space as its TVL increased.
realistic or not, here it is SOL market capitalization in BTC terms
SOL status this month
In the field of valuations, the evolution of Solana favors investors, since it has registered a weekly gain of more than 12%. According coin market capAt the time of writing, Fifth note of the musical scale was valued at $23.58 with a market capitalization of over $8.9 billion.
The same was true for SOL’s on-chain metrics, which looked sharp. For example, SOL grew in demand on the derivatives market, as suggested by its Binance and DyDx funding rates.
positive vibes all around Fifth note of the musical scale There was also an increase in SOL, which shows investors’ confidence in SOL.
However, SOL’s growth activity was worrisome as it eased last week, which is generally a negative sign.