• 17 July, 2024
News

Solana NFT Ecosystem Set to Soar: Delphi Digital Predicts Continued Growth

In its recent deep dive blog, a leading crypto research platform, Delphi Digital, predicted that the Solana NFT ecosystem is set to continue its growth trajectory in the coming months. The platform cites strong reasons to support this belief and encourages individuals in the crypto space to keep a close eye on the ecosystem for interesting opportunities.

With the increasing popularity of NFTs, the Solana NFT ecosystem has emerged as one of the most vibrant and dynamic communities in the crypto space. Its thriving ecosystem is home to a diverse array of NFT projects, ranging from digital art to collectables and more.

It has been quite the rollercoaster ride for Solana NFTs. In our Year Ahead report, we wrote a brief note on how Solana NFTs faced an existential crisis in November 2022 with the fall of its largest backers:

FTX, Alameda Research, and Sam Bankman-Fried. At that time, fear was plentiful and many NFT founders were seriously considering moving their projects off Solana to another chain. the team wrote in a recent blog post.

Delphi Digital bolsters its claims by pointing out Solana’s tremendous growth in market share, which has increased from 6% to 14% of total NFT sales volume in a span of less than a year. Their research showed that Solana NFT sales volume experienced a steady increase throughout 2021, reaching a high of $300 million in monthly volume in April 2022.

During the last Solana NFT season, when volume peaked in late 2021-early 2022, the number of unique buyers outnumbered the number of sellers for several months before giving way to the sellers. In recent months, we’ve begun to see unique buyers outnumber sellers once more.

We expect NFT development & trading activity on Solana to remain vibrant. It is likely that it will retain its position as the 2nd-largest NFT ecosystem (after Ethereum) in 2023.” reads the Twitter thread.

Solana’s NFT ecosystem is poised for further growth thanks to its robust infrastructure, innovative community, and supportive ecosystem. This, combined with the increasing demand for NFTs, makes it an exciting time for individuals in the space.

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