9th largest cryptocurrency on the market (SALT) has seen it all here. From moving north and hitting new ATHs to diving south succumbing to network outages.
However, one aspect of SOL’s dominance continues to see bullish strides within various playgrounds/colors.
Many investors/traders have something to cherish amid the inconsistent movements of the broader crypto market.
Consider this – Solana’s non-fungible token (NFT) ecosystem has just passed a significant milestone. According to CryptoSlam, the Solana blockchain surpassed $1 billion in all-time volume for the first time this month.
Source: CryptoSlamIndeed Solana has established itself as a major player in this competitive market. Actually, according to Messari’s latest blogone specific project helped the leading protocol reach the aforementioned milestone.
Launched in 2021, Metaplex became the main protocol and infrastructure layer without permission for NFT on Solana. Since its launch, the Metaplex on-chain forging program has powered over 16 million of the 18 million NFTs minted on Solana. Well, thanks to Candy Machine V1 (launching late August 2021) and V2 (launching December 2021).
Other NFT coining solutions such as LaunchMyNFT and Magic Eden’s Launchpad (V1 and V2) also played an important role. Overall, the number of NFTs minted grew by 46% QoQ in Q2 2022.
In addition, Metaplex witnessed a daily average of nearly 76,000 Metaplex-enabled NFT holders buying or selling NFTs each day. This marked an increase of 21% compared to the previous quarter. Furthermore, the average number of daily transactions increased by 18% QoQ.
Overall, “the increase in the number of unique wallet addresses and NFT transactions on Solana per day shows healthy usage activity for the Metaplex network,” Messari added.
Such data sets outline a positive trajectory for the leading blockchain network, especially looking at progress. For example, in 2021, Solana’s highest weekly trade volume reached $160.39 million. Certainly, a small percentage of what the record is today.
Ecosystem recently as well updated community on growing active addresses on Solana’s dApps. Gameta gaming platform left tops this list with over 50.11 thousand users, as explained in the previous article.
No signs of fading?
Solana narrated the bullish scenarios on the green ‘NFT’ card discussed. However, signs of uncertainty still exist. Recently, a series of negative events, including repeated ones network outagescentralization issues and widespread exploits targeted Salt wallets.
All of these were major setbacks for SOL investors. In fact, they may be the reason why SOL’s price did not live up to expectations. At press time, SOL was trading just under $48 on CoinMarketCap.