NFTs overall appeal and demand may be faltering, but those on the Solana Blockchain are not. In fact, according to Nansen data, Solana NFT transactions have reached one million weekly.
Magic Eden and Metaplex are NFTs that have majorly pushed the trading volume across Solana-based NFT marketplaces which has increased their respective market shares of the overall NFT space this month. However, the latest surge in transaction volume on the Solana blockchain can be credited to Solana-based y00ts mint t00b, which has realized over $10.5 million in trading volume.
DappRadar’s data revealed that y00ts even surpassed leading NFT collection, Bored Ape Yacht Club (BAYC) and the Ethereum Naming Service (ENS) over last week. The “y00ts mint t00b” NFT collection has given Ethereum NFTs a run for their money. After a hot launch last week, it even led OpenSea volume charts. However, it’s launch, however wasn’t spared free of complications and delays. It was initially scheduled to launch on 4th September. However, due to the detection of a “blocker bug,” the launch was delayed and the mint went live the next day.
The Web 3 tech company running the project – Dust Labs – however secured $7 million funding from multiple venture capital firms which include Solana Ventures and FTX Ventures amid the chaos. Additionally, its whitelist membership included celebrities and icons like former basketball star Allen Iverson, football legend Wayne Rooney and rapper Lil Baby.
NFTs have finally prospered in the Solana ecosystem after it battled with several downtimes, especially during the bear market. According to cryptocurrency intelligence firm – Messari – Solana has scaled over 2,000 nodes. This is a good reflection on the fixes made by the development team. It is worth noting that running a node on Solana is expensive because of validator revenue or low transaction fees. Validators have had to come up with their strategies to monetize transactions with low fees.
Rightfully, its low transaction fees when compared with the Ethereum Blockchain has prompted its boom. Earlier this month, the Internet of Things (IoT) blockchain network Helium submitted a proposal seeking a complete transition to Solana in order to improve operational efficiency and scalability. The vote to move Helium Oracles and migrate Helium’s tokens and governance to the Solana blockchain is currently underway and is expected to succeed at the polls.
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