OpenSea has been hit hard by the latest round of turbulence in the market. However, some blockchains are evidently taking it harder than others. To be specific, it’s high time we took a look at Solana and what its NFT traders have been up to.
In the merry month of May
According to Dune Analytics, OpenSea Solana has noted a significant rise in daily volume since the end of April. In fact, the same hit a peak sometime around 16 May. Since then, however, it has been a journey downhill. 23 May saw a daily trading volume of around 7457 SOL, or a little over $1,998 at press time.
On the other hand, it’s strange to note that while daily volume has been falling, the daily NFT transaction count has been rising since 12 May. Based on the data available on Dune Analytics, in fact, we can see that daily NFT transactions hit a peak of 19,517 on 18 May.
So, what does this mean? One interpretation is that OpenSea Solana traders are making more trades, yes, but these are lower in value than before. Another theory is that Solana NFTs might be getting undervalued.
On that note, it’s important to keep in mind that the market’s overall NFT trades count has been dropping since around 22 May. Meanwhile, NFT trades volumes surged near the end of April, but has been steadily falling since then. You can point at market conditions and Ethereum’s performance for these factors.
Based on the data available on Dune Analytics, OpenSea Ethereum has been seeing a similar trend, with daily volume clearly declining since the start of April 2022.
You can’t top this!
At press time, data from CryptoSlam showed that the top performing NFT collections over the last 7 days mostly came from Ethereum. However, Okay Bears was on the list as well, even after losing close to 60% of its value over the week.
Furthermore, Solana’s NFT sales volume – just behind that of Ethereum – fell by 12.49% in the last seven days to touch $43,753,778, at the time of writing.