Solana’s NFT space updates look promising, but what’s in it for SOL

19 March 2023

in Meta News

Reading Time: 6 mins read

Solana’s NFT sales volume declined, but transactions per program increased.
TVL and token value increased last week, but a few metrics were bearish.

Solana Mobile recently made a major announcement that can have a potential impact on the Solana [SOL] ecosystem. As per the announcement, the full Saga product design files became open source.

Big news, Saga fam 📢

We have been asked a bunch of times for the Saga phone case specs. Well, you asked. We listened.

The full Saga product design files are now open source!

Let’s dive into what this means 🧵👇

— Solana Mobile 🌱 (@solanamobile) March 16, 2023

The files Solana is dropping are sufficient for anybody wanting to build their own physical accessories for Saga, for commercial or personal use. As part of the release, Solana Mobile made two documents available.

The first one was the Saga Interface Control Document, which is a collection of 2D drawings depicting the phone. The second one was Saga 3D Surfaces, an IGES file that works across virtually all modeling programs made for engineering.

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

Solana NFT space in trouble?

CryptoSlam’s data revealed that Solana’s NFT space witnessed a massive decline in terms of sales. As per the data, Solana’s NFT sales volume decreased by nearly 30% over the last month, which looked concerning.

However, with Solana Mobile’s new announcement and a few other partnerships, things can turn around. One of blockchain’s recent partnerships is with Crossmint. The latter recently revealed the launch of its new compressing API in collaboration with Solana, Metaplex, and Helius.

A new era for NFTs starts today 🥷

Announcing Compression APIs in partnership with @solana @metaplex @heliuslabs

Start minting NFTs in minutes, at a fraction of the cost

Launching today in beta. Giving out a few exclusive API codes to start building for free 🧵 pic.twitter.com/GWKEQByr2G

— Crossmint (@crossmint) March 17, 2023

It was interesting to note that despite the decline in sales volume, NFT transactions per program on Solana went up of late. Magic Eden, which is one of the largest NFT marketplaces, also showed a similar increase in transactions per program for Solana.

Source: Dune

Network health improves

Another piece of good news for the blockchain was that its network value registered an uptick.

DraftKings Exits NFT Business Due to Legal Issues

30 July 2024

BlockDAG’s Leadership Unveil – Crypto Market Titans Behind Game Changing Presale Challenge VeChain and Optimism’s Growth

30 July 2024

A look at DeFiLlama’s data revealed that the blockchain’s total value locked (TVL) gained upward momentum over the last few days.

[crypto-donation-box]

In addition to that, Solana’s DEX volume also spiked last week since the BONK rush earlier in January, which looked promising.

NEW: Solana DEX volume saw its biggest week since the BONK rush earlier in January. pic.twitter.com/liU85Vp9eh

— Step Data Insights (@StepDataInsight) March 17, 2023

Realistic or not, here’s SOL market cap in BTC’s terms

SOL makes investors happy

SOL’s price action has been strongly bullish, thanks to the current market sentiment. As per CoinMarketCap, SOL’s price increased by over 10% in the last 24 hours.

At press time, it was trading at $22.29 with a market capitalization of $8.5 billion. However, the possibility of a trend reversal can’t be ruled out as a few of the metrics were bearish.

For instance, SOL’s latest pump was not accompanied by a considerable volume, which by and large is a negative signal. Weighted sentiments declined over the last few days, suggesting less trust among investors in SOL.

Though SOL’s development activity increased compared to the last week, the graph was still on the lower side, which is also negative for a network.