Solana NFT mints reached its all-time high
In recent days, Solana has seen a significant increase in its NFT ecosystem. What's noteworthy in this environment, despite showing signs of improvement, overall demand for NFTs remained weak in September.
Meanwhile, Solana NFT mints reached an all-time high on September 7, surpassing 300,000 units. The network had only 77.79k mints at the beginning of the month and has seen a massive increase in such a short period.
However, Solana appears to differ from the recent downward market trend for cryptocurrencies. It's important to note that NFT sales on Solana managed to outpace those on Ethereum for 24 hours on May 24, making it the leading blockchain for that day.
The introduction of the Trippin' Ape Tribe project, a collection that competed successfully against all NFT projects in the intervening hours between May 24 and 25, was the catalyst for this rise. The market sales of Solana NFTs totalled nearly $24.3 million at the time, while Ethereum sales totalled $24 million across all monitored markets.
Returning to more recent news, the graphs depicting the number of NFTs minted on Solana on September 7 speak volumes. As stated above, 312,000 Non Fungible Tokens were minted in a single day. There has thus been a significant increase, given that the figure reached and recorded on September 4 was around 39,000.
Magic Eden, a Solana NFT marketplace, is undoubtedly a beneficiary of this rapid rise. Their NFT market share increased from 12% at the start of September to 36.6% on September 7.
Solana NFT's notable success
Despite unfavorable market conditions, NFTs sold on blockchain appear to finally achieve the success they deserve and have worked so hard for.
The most popular NFT marketplaces' volumes have not recovered from a sharp decline earlier this year; however, this blockchain appears to be a minor but notable exception, surpassing its all-time high.
Author: Priya Kumari
Priya is a passionate content writer and the co-founder of Finendorse. She is an enthusiastic crypto investor and has a huge interest in the upcoming digitisation age.