NFTs on Solana Continue to Grow Despite $150k Rug Pull

The NFT market on Solana has grown over 24% in the last seven days.

By
Anirudh Tiwari
on
October 4, 2021
Category:
Breaking News

Solana NFT Market Shows Enormous Growth

The total market capitalization of Non-fungible Tokens (NFTs) sold on the Solana blockchain has risen quickly to hit $753 million, closing in on the billion-dollar mark.

The total market capitalization of the NFT market on Solana is dominated by two main collections: Solana Monkey Business and Degenerate Ape Academy. The former accounts for $195 million, while the latter accounts for nearly $151 million. Both sums total approximately 46% of the entire NFT ecosystem on the network, as per data from Solanalysis.com. The gas fees on the Ethereum blockchain could be one of the drivers for this growth.

“$Eth gas fees are way too high lol rn (only gonna get worse), and that’s gonna stop a lot of people buying NFTs (unless you’re wealthy), so ya boy is getting ahead of the game and buying NFTs on $Sol instead,” mentioned the famous YouTuber KSI through his Twitter handle.
Source

Although, recently, the NFT ecosystem on this ecosystem took a minor setback. The creator of Iconics, an NFT collection based on Solana, performed a rug pull on a pre-sale of its NFTs. Out of the total of 8,000 NFTs promised, 2,000 were sold in a pre-sale wherein each NFT was available at 0.5 SOL

Post the pe-sale of these NFTs, the buyers received emojis instead of artwork, and the 1,000 SOL deposited from sales was dispersed into several accounts as per the blockchain data


About the Solana

Solana is a blockchain network that focuses on fast transactions and high throughput by using a unique method of ordering transactions. It supports builders around the world to build crypto and blockchain-based applications that scale today.

For more information about Solana:

Website | Discord | Twitter | Telegram | Medium | GitHub | Whitepaper |

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Anirudh Tiwari

Anirudh is a cryptocurrency analyst and writer who specializes in derivatives, DeFi, regulations and CBDCs. He has a Master’s degree in Finance. Before delving into crypto, he worked with a leading U.S. based investment bank. Apart from work, he is a music connoisseur and likes to play the drums.