• Transaction volume increases, average sales prices decrease
• The largest NFT marketplace OpenSea integrates the Solana blockchain
• Significant excess of sellers
Whether this slump is temporary or even permanent cannot of course be said at this point in time. This trend is also partly reflected on the Solana blockchain. What is particularly striking when looking at the numbers and graphics compiled by CryptoSlam for the Solana blockchain is that there are currently many more sellers than buyers on the NFT marketplaces.
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For May 2022 there are 173,971 buyers versus 1,196,937 sellers. This ratio was different in August 2021: At that time there were 14,988 buyers and 15,145 sellers. In May, there were almost seven times as many sellers as buyers. This is also reflected in the average sales prices: While they were still US$ 2,440.97 in August 2021, they fell to US$ 213.80 in May 2022. Total NFT artwork sales were $262,405,867.99 in May 2022 compared to total sales of $164,540,898.79 in August 2021.
OpenSea: The largest NFT marketplace integrates the Solana blockchain
The Solana blockchain has seen a spike in sellers from April’s 398,304 sellers to nearly 1.2 million in May. This is because OpenSea, the largest NFT marketplace, has integrated Solana into its platform. For Ethereum, the Solana blockchain is now becoming a more serious competitor as it is now available to a broader base of users.
In contrast to the Ethereum blockchain, there are no gas fees on Solana, and the Solana blockchain is also significantly more energy-efficient with the proof-of-stake process. Transactions on Solana are at an all-time high of over a million in a month.
future opportunities
In recent months, the Solana blockchain had to be restarted several times and was down for hours, which has experts doubting the functionality of the blockchain. At the beginning of May, there was an extremely high transaction volume, a veritable data tsunami, which was attributed to the NFT Mint attempt “Candy Machine”. The World of Solana community, which recovered the stolen NFTs after a hacker attack on 109 wallets, also recently made headlines.
NFTs are not yet in the mainstream, so it is difficult to say if, where and how this new concept will reach the mainstream market. The oversupply of NFT providers may also offer the opportunity to identify really valuable NFT projects, according to nft now in an optimistic assessment of the market. With the Solana blockchain, more and more artists can get involved in the NFT area without the environmentally harmful proof-of-work processes of other blockchains.
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