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

by James · March 18, 2023

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

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

Big news, Saga fam 📢

We have been asked several times about the specifications of the Saga phone case. Well, you asked. We heard.

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 releases are sufficient for anyone who wants 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 was the Saga Interface Control Document, which is a collection of 2D drawings showing the phone. The other was Saga 3D Surfaces, an IGES file that works across virtually every modeling program made for engineering.

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

Table of Contents

Solana NFT place in trouble?

CryptoSlam’s data revealed that Solana’s NFT room witnessed a massive decline in terms of sales. According to the data, Solana’s NFT sales volume fell by almost 30% in the last month, which looked worrisome.

But with Solana Mobile’s new announcement and a few other partnerships, things could be turning around. One of blockchain’s recent partnerships is with Crossmint. The latter recently revealed the launch of its new compression 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 away 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 decrease in sales volume, NFT transactions per program on Solana increased recently. Magic Eden, which is one of the largest NFT marketplaces, also showed a similar one increase in transactions per program for Solana.

Source: Dune

Network health improves

Another good news for the blockchain was that the network value registered an increase.

A look at DeFiLlama’s data revealed that the blockchain’s Total Value Locked (TVL) gained momentum over the past few days.

In addition to the, SolanaDEX volume also picked up last week since the BONK rush earlier in January, which looked promising.

NEW: Solana DEX volume had 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 it is SOL market value in BTC’s terms

SOL makes investors happy

SOL’s price action has been strongly bullish, thanks to today’s market sentiment. As per CoinMarketCapSOL’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 cannot be ruled out as a few of the calculations were bearish.

For example, SUNits last pump was not accompanied by significant volume, which is mostly a negative signal. Weighted sentiments fell in recent days, indicating less confidence among investors in SOL.

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