The NFT market has had some big hits in Q2 of 2022. The bear phase was confirmed in May around the time of the Terra collapse when the crypto market began to fall. But recently there has been an increase across large collections. However, not all collections fly through this recovery period.
Enter Ok Bears
Okay Bears NFT collection at Solana [SOL] is one who has stumbled over the last month. There is over 91% decrease in sales volume during this period while other collections at Solana register huge numbers.
There has been a sudden drop in both buyers and sellers of Okay Bears. Sales volume has dropped to $ 7,693,590, leaving the collection at # 19 in the collection rankings. The fall from grace is well evident in the data chart below, courtesy of CryptoSlam.
However, the Okay Bears collection has had a large increase in sales in the last 24 hours. With an increase of 420%, the sales volume of the collection has increased to $ 409,130. Is this the turnaround operation Solana NFT supporters have been waiting for?
Solana on the go!
In the midst of tough market conditions, there has been a shake-up in the NFT market. While Ethereum continues to lead, Solana is stacked right behind it. A scanning tool, called SolScan, provided an update on the Solana NFT market.
1 / [#Solscan NFT’s Overview]
As we inevitably enter a potential long-term bear market; While you can have fun with current puddings that definitely help your mental health, it is important too #Solscan users to get a broader view of where the space is headed. pic.twitter.com/1PEDo6l6tW
– Solscan in (@solscanofficial) July 2, 2022
The Solana NFT ecosystem has a market value of $ 3.5 billion with over 16 million NFTs. There are also over 120,000 unique NFT collections and over 3.6 million unique holders as well. The tweet also claims that “Only a third of the total NFTs were listed on marketplaces.”
Despite the weight of the market, May can be considered the best-selling month for Solana NFTs. The trading volume was clocked at 4.9 million during the month together with two million newly minted NFTs. Meanwhile, Magic Eden continues to dominate the Solana NFT market. With a share of over 90%, Magic Eden had a market value of $ 1.8 million during May.
In addition, the tweet also complimented the Solana network’s performance in terms of their NFT sales.
12 / Solana’s seamless performance and the chain’s low gas tax have simplified the generative character of NFTs, and created a hassle-free environment where NFT manufacturers can create artistic and high-utility collections.
Kudos to @Metaplex for their enormous contribution to making this happen.
– Solscan (@solscanofficial) July 2, 2022