Can this measure renew Solanas [SOL] NFT space subdued with the exit of Y00ts and DeGods

by James · May 5, 2023

Solana’s NFT trading activity picked up in the past week, reflected by a nearly 29% increase in the number of buyers and sellers.
Solana network established a lead over other networks in terms of network activity.

Solana [SOL] the network witnessed something of a decline in its NFT landscape ever since the departure of two of its most famous collections – y00ts and DeGods.

After the exit of Y00ts and DeGods, Solana [SOL] brings in a new initiative to revamp the NFT landscape

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

As evidenced by CryptoSlam data, trading activity has picked up over the past week, reflected by a nearly 29% increase in the number of buyers and sellers.

Source: CryptoSlam

More good news for Solana NFTs

The Solana Foundation launched its first NFT pitch competition, aiming to encourage budding creators to build new NFT brands that have real impact. Dubbed the ‘NFT Showdown’, the aim of the competition is to improve the quality of NFT projects in the Solana ecosystem.

The competition will provide a platform for creators to come up with business pitches that will explore the fashion, entertainment or gaming verticals, thereby driving the growth of utility NFTs.

Solana added that the winners of the competition will be mentored by industry experts.

💥 Welcome to @Solana NFT Showdown!

The Solana Foundation is hosting its first NFT branding competition to help creators develop sustainable business plans and connect with top judges from across the NFT ecosystem.

Details below 👇 pic.twitter.com/QUfBsyXe9N

— Solana Foundation (@SolanaFndn) 4 May 2023

Solana’s new initiative attempts to address a difficult problem in the NFT landscape. Over the past few years, hundreds of NFT collections with sky-high valuations have flooded the market. But rather than utility, it was reputation that primarily drove value.

Lately, Mad Lads, a collection of 10,000 unique profile picture (PFP) NFTs, has played a major role in reviving the network’s NFT landscape.

Network activity jumps

The Solana network began to assert its dominance in network activity compared to other blockchain networks. With over 571,000 daily active addresses, Solana established a large lead on Polygon [MATIC] and Ethereum [ETH] the last 24 hours.

In terms of trading activity, Solana again surpassed other networks by logging 25.5 million transactions in the last 24 hours, significantly higher than the second best Polygon network which recorded a little more than 2 million transactions.

Source: Artemis

Is your portfolio green? Check out the Solana Profit Calculator

However, the new developments in the Solana ecosystem failed to lift the original token SOL, as it fell by 1.12% in the last 24 hours, data from CoinMarketCap revealed.

Moreover, investors were not too keen to bet on the token as the weighted sentiment trended in the negative territory, according to Santiment.