Overall demand for NFTs may be faltering, but demand in Solana is not. In fact, Solana NFT transactions rose to 1 million per week, according to Nansen data.
Magic Eden and Metaplex are driving volume across Solana-based NFT Markets, which increased their market shares of the total NFT space this month. However, the recent surge in activity on the blockchain can be attributed to Solana-based y00ts mint t00b, which brought in more than $10.5 million in trading volume.
Solana NFT weekly transactions are given without comment pic.twitter.com/LCJBtjQMaI
– Trainee Nansen (nansen_intern) September 12, 2022
y00ts Solana steals the spotlight
Data from DappRadar indicated that y00ts overshadowed the leading NFT pool Bored Ape Yacht Club (BAYC) and Ethereum Naming Service (ENS) last week.
The “y00ts mint t00b” combination gave Ethereum NFTs a chance to get their money back. After a hot start last week, it topped the OpenSea volume chart. However, its long-awaited launch was not without delays and complications. It was scheduled to be released on the 4th of September, but due to the discovery of Blocker, the release of the y00t was delayed and rolled out the next day.
Amid the chaos, the Web 3 technology company associated with the project – Dust Labs – has secured $7 million in funding from several venture capital firms, including FTX Ventures and Solana Ventures. In addition, its whitelist included celebrities such as football legend Wayne Rooney, former basketball star Allen Iverson and rapper Lil’ Baby.
Solana scales over 2k nodes
The emergence of NFTs in Solana’s ecosystem comes after it struggled with many outages, even during a bear market. According to crypto intelligence firm Messari, Solana has peeled Over 2,000 knots, which was indicative of the fixes the team was developing.
It is worth noting that running a node on Solana is an expensive business due to the lower transaction fees or validator revenue. Therefore, auditors need to devise a strategy to monetize transactions with low fees.
However, its low transaction fees compared to Ethereum’s has encouraged its prominence. Earlier this month, the Helium Internet of Things (IoT) blockchain network launched a proposal seeking a full transition to Solana in a bid to “improve operational efficiency and scalability” while ditching its blockchain.
A vote is currently underway to move Helium Oracles, migrate Helium tokens, and governance to the Solana blockchain and is expected to pass.
Solana’s post topping 1 million weekly transactions first appeared on CryptoPotato.