Various blockchains support the mining and trading of non-fungible tokens. When Solana first ventured into NFTs, many people wondered if that could even be a success. While the overall trading volume may not come close to NFTs on Ethereum, the price floors are still pretty solid.
Solana NFTs By Total Volume
It is good to see multiple blockchain ecosystems compete for traction in the world of NFTs. These non-fungible tokens can serve many purposes besides representing digital art or collectibles. The exact role of Solana in that ecosystem remains to be determined, although its more efficient and cheaper network will likely continue to attract attention for some time to come.
To date, there have been several NFT collections launching on Solana’s blockchain. Although they are all interesting in different ways, the overall trade volume leaves somewhat to be desired. However, that is not entirely abnormal, as the majority of NFT trading still occurs on the Ethereum blockchain. Moreover, there is still room for competition among NFT marketplaces with native support for Solana’s technology.
Despite the ecosystem’s uphill battle, two NFT collections note over $10 million in total trade volume. Both Rogue Sharks and Shadowy Super Coder DAO have been rather successful on that front. While they maintain a different price floor – $562 and $5,709, respectively – it confirms there is a market for NFTs on Solana. Moreover, it appears a few collections may surpass that $10 million threshold over the coming weeks.
BabyApes, SolChicks, and Jungle Cat all note over $8.15 million in total trade volume. It is a prominent statistic for the ecosystem, as there appears to be substantial liquidity on Solana for non-fungible tokens. Whether that means these projects have a long shelf life is a different matter. Most NFT ventures merely exist for speculative purposes rather than utility, although things are improving on that front.
Price Floors Seem Healthy
One aspect to carefully evaluate with NFTs is whether the price floors are viable. For projects on Solana, there is little or no concern. Collections remain accessible price-wise – for the most part – although some have relatively high price floors. While one can pick up a Degegenerate Trash Panda for $310, buying a Shadowy Super Coder DAO NFT will cost almost $6,000.
For other projects, things don’t look half bad either. Solana Monkette Business remains the cheapest top 10 collection for now. Genopets, Noiaducks, and Solchicks have all established price floors above $2,000. The bigger question is whether these floors will hold and how the Solana NFT ecosystem looks in a few months. Non-fungible token fatigue seems to kick in across the different blockchains these days.
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