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Solana’s NFT ecosystem shines bright but metrics struggle, decoding ‘why’

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Solana's NFT ecosystem shines bright but metrics struggle, decoding 'why'
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  • Solana registered growth in its NFT ecosystem over the last few days.
  • Metrics did not react accordingly, but things might change soon. 

Solana [SOL] developers have been stepping up their game for a while now with several new updates and integrations that help increase the capabilities and offerings of the network.

One of the latest was Solana Mobile announcing that the Solana dApp Store was open for app submissions. The Solana dApp Store itself is a curated catalog, managed by Solana Mobile, with apps that conform to a set of policies that it has made available.

The official announcement mentioned that these policies were in place to shield users from harmful and unlawful content without limiting an app’s ability to use crypto features such as exchanging NFTs or other digital goods.

Read Solana’s [SOL] Price Prediction 2023-24

SOL’s NFT space receives a new update

Furthermore, Helius, a developer platform exclusively for Solana, launched NFT collection webhooks. With this, users can set up a webhook for their NFT collection effortlessly.

Interestingly, apart from this launch, growth was also noted in Solana’s NFT ecosystem. Santiment’s chart revealed that the total number of NFT trade counts and trade volume in USD went up during the last seven days. 

Source: Santiment

Is your portfolio green? Check the Solana Profit Calculator

Metrics didn’t react accordingly

Though these updates looked optimistic for SOL, its on-chain performance during the last week was not up to par. SOL lost its spot on the list of the top 10 cryptos in terms of market capitalization.

Its volume also decreased in the last few days, which was a negative signal. Moreover, positive sentiments around SOL also went down, suggesting less faith among investors in the token. Despite a fall in positive sentiments, SOL made it to the list of the top crypto projects by social activity. The 1 week’s price volatility also decreased as SOL’s price went down by 2% in the last week.

However, things might change as CoinMarketCap’s data revealed that at the time of writing, SOL’s price had increased by over 3% in the last 24 hours and was trading at $24.60 with a market cap of more than $9.1 billion. Solana’s development activity also increased over the past week, thanks to the aforementioned updates.

Source: Santiment

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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