NFTs minted on Solana reach all-time high
NFTs minted on Solana reach all-time high
NFT

NFTs minted on Solana reach all-time high

By Martina Canzani - 12 Sep 2022

Chevron down
Listen this article
download

This past 7 September, the Non Fungible tokens minted on Solana’s blockchain reached their all-time high, we are talking about 312,000 minted in a single day.

An abrupt increase.

Solana, however, seems to differ from the general trend of the cryptocurrency market in recent months.

Graphs show a sharp rise

Summer 2022 is bringing many victories to the Solana team.

In fact, it is worth noting that already on 24 May, sales of NFTs on Solana managed to surpass those on Ethereum for 24 hours, becoming the top Blockchain for one day.

The motivation for this increase was the launch of the Trippin’ Ape Tribe project, a collection that managed to hold its own against all NFT projects in the intervening hours between 24 and 25 May.

On that occasion, Solana’s secondary market sales of NFTs generated a total of nearly $24.3 million, while Ethereum sales touched $24 million in all monitored markets.

Returning to more recent news, it is safe to say that the graphs regarding the number of NFTs minted on Solana on 7 September speak volumes.

In fact, as already mentioned, 312,000 Non Fungible Tokens were minted in a single day. 

There has thus been a very strong increase, considering that on 4 September the figure reached and recorded was around 39,000.

solana nft
New ATH for the number of NFTs minted on the Solana blockchain

Increased volume recorded on Solana’s NFT marketplaces

NFT volumes based on Solana also increased.

Total volumes touched the $11.5 million mark on 6 September, ultimately the highest level since May. 

Protagonist of this strong rise is definitely Magic Eden, Solana-based NFT marketplace. Indeed, the latter has seen its market share grow from 12%, at the beginning of September, to 36.6% reached on 7 September.

Solana’s NFTs finally achieve the success they deserve

The bear market is taking its toll, but despite unfavorable market conditions, NFTs sold on Solana’s blockchain seem to be finally achieving the success they deserve and have worked so hard for.

The volumes of the most popular NFT marketplaces have failed to recover from a precipitous drop earlier this year, Solana, on the other hand, seems to be a small major exception. 

If in the past SOL’s blockchain represented only a cheaper, “B-series” alternative, today it is safe to say that this seems to be no longer the case.

In fact, Chase Barker, head of the developer ecosystem at the Solana Foundation wrote on his Twitter page, “I remember once upon a time (last year), that ‘some people’ laughed at Solana NFTs,” thus alluding to the extraordinary growth reported in the last period.

Metaplex co-founder Stephen Hess, on the other hand, said:

“We were able to make a compelling pitch on the cost structure: creators on Metaplex can mint 1 million mints at a time for 50 SOL. I think people are realizing that Solana is pretty liquid as an NFT market still despite the bear.”

Martina Canzani

Graduated in Law at the University of Milan. After completing her academic studies, she became interested in the world of blockchain, finding it a powerful tool for redemption. Her passion then turned into a job, and now she invests in early-stage projects in decentralised finance and DAO and writes articles on all the news concerning the crypto world.

We use cookies to make sure you can have the best experience on our site. If you continue to use this site we will assume that you are happy with it.