Step Data Insights - The State of Solana NFTs
A data oriented view of Solana NFTs and a look into the most relevant news of the week.
At the time of writing, the Solana market cap is $9.37 billion with a 24-hour volume of $1.2 billion. The price of SOL is $25.2 and its market dominance is 0.9%. The Total Crypto Market Cap is $1.03T, up 5.54%. The NFT transaction volume surpassed 1,443,020 SOL, closing in on $36M in the last 7 days.
Introduction
Our previous State of Solana NFTs newsletter was the most popular issue, as it covered the start of the Cets on Creck enlightenment roadmap, DeGods III announcements, as well as the significant growth of ABC and Hadeswap.
On-chain data indicates growth in Solana NFTs, with improved communication from founders and community managers of prominent projects like GODS and Taiyo Collective resulting in a rise in social media engagement and sustained growth in their floor price.
User activity metrics also show an upward trend, further solidifying the resilience of the Solana NFT ecosystem to broader market conditions.
NFT DeFi continues to drive adoption, with new records set by FRAKT and Sharky. Today, we will be examining the latest NFT market data and highlighting the most exciting project developments of the week.
Summary
SolanaFloor - SF Index
USD Index
SOL Index
Solana NFT core user base consolidating
Royalties
Relevant News
Biggest Sale of the Week
Cets on Creck - Enlightment is Close
BONKz
Claynosaurz shows off team’s award nominations
Okay Bears introduce…OKAY
Conclusion
SolanaFloor - SF Index
The SolanaFloor NFT Index consists of a carefully selected basket of Blue Chip collections based on multiple weighted criteria: volume, social trends, age, and other statistics.
The SolanaFloor Chart presents the index in SOL (green) and USD (purple).
The index in SOL terms is an incredibly valuable tool for any long-term NFT investor, trader, or researcher. While Technical Analysis is arguably inaccurate for most NFT projects under 4 months of existence, this chart presents a big enough timeframe (Year-to-Date) for valid analysis.
USD INDEX
Today, the USD Index sits near the all-time-low territory. It is not surprising, considering the brutal macro bear market we’re currently living. The Solana Token $SOL is down around 94% from its All-Time-High. From a long-term standpoint, 2022 was not an easy year for any investor looking to leverage their position using NFTs.
However, the latest uptrend in $SOL has resulted in an important bounce off the lows, hinting at the start of a long-term recovery in the NFT USD index.
Year-to-Date (YTD), the index has climbed 107%.
SOL INDEX
The FTX crash in November sparked a significant bull run for Solana NFTs measured in SOL, with the index currently being three times higher than its bottom at that time.
This run has been led by projects such as ABC, SolanaMonkeyBusiness, Famous Fox Federation, and DeGods.
Given the recent increase in the price of the Solana token, it is likely that the SOL-denominated index will experience a gradual decline if the token price stabilizes around its current levels.
Solana NFT core user base consolidating
Data shows that the weekly buyers and sellers downtrend might have reversed. The reversal is driven by the BONK and memecoin mania which triggered a massive liquidity wave to flow into NFTs.
The Bear Market has washed away many users who either lost faith in the space, lost their money, or lost their excitement. Lots of NFT Projects have disappeared from the map especially since royalty optionality was implement in most NFT marketplaces.
Although the Bear Market has been very tough, after over one year, the current number of unique Buyers and Sellers is still higher than when the $SOL token reached ATH, in November of 2021.
Royalties
On our previous issue, the royalty discussion was not more than that, a discussion. Today, Metaplex has a working solution being implemented by several projects such as Gods (previously named SolGods).
It is likely that many NFT Collections will migrate to Metaplex’s Royalty Standard solution in the coming months, unless a better solution comes up.
NFT Highlights of the Week
🏅Biggest Sale - DeGod #9764, Ranked: 493
DeGods continues to shine in the Bear Market. Although the Solana token price appreciated over 100% in the last 2 weeks, DeGods have held its FP close to 600 SOL.
Cets on Creck - Enlightment is Close
Cets on Creck are one of the most lively communities in the whole NFT ecosystem, not just on Solana. Yesterday, CETS posted an intriguing animation of the beginning of a Cet’s journey through enlightenment.
BONKz
After a successful mint and massive run up in price, BONKz is likely the most anticipated NFT reveal of the Solana ecosystem of the moment, alongside the Taiyo Pilots.
In the meantime, 1/1 artists have rallied around the collection, showing off their custom Bonkz to a very supportive community.
Claynosaurz shows off team’s award nominations
The Claynosaurz team has shared a list of award-nominated films in which their artists have had a participation, providing further evidence that the Solana NFT ecosystem is attracting unique talent.
Okay Bears introduce…OKAY
The Bears have announced OKAY, an onramp for traditional brands to jump into web3. Holders will be rewarded with digital, physical and co-branded phygital drops, as well as access to exclusive mints from brands who work with OKAY.
The announcement was well-received by the community and holders. The team later hinted at working with other blockchains, however they assured that the main NFT collection is never leaving Solana.
Conclusion
During this bear market, many inexperienced users have left the market, leaving only dedicated community members and builders. The remaining community now expects higher quality from projects, and data demonstrates that they are delivering on these expectations.
The Solana NFT ecosystem remains lively and all data points to a recovery in metrics that were most affected by the FTX crash such as Active Addresses, Buyers & Sellers, and more.
Who knows what’s coming in the future? We don’t (yet), but you’ll be the first to know.