- Solana posted sales volumes of over $1.5 million in the past 24 hours, placing itself just below Ethereum.
- Thursday’s market chaos caused SOL to become the eighth-largest crypto by market capitalization.
Web3’s non-fungible token (NFT) vertical has not taken off in 2023, unlike its fungible counterparts. Sales volume has reached an all-time low, with implosions like the Azuki fiasco severely hampering growth.
Is your wallet green? Check out the Solana Profit Calculator
Solana [SOL]The NFT ecosystem has also been on the receiving end of the negative sentiment, registering declines in several key performance indicators (KPIs).
The adage – down one minute, up the next – perfectly sums up the trajectory of the digital asset market. For the past week, Solana has flipped Polygon [MATIC] to become the second largest blockchain for NFTs.
What has changed for Solana?
The battle for the number 2 spot is getting fiercer
According to NFT market tracking website Cryptoslam, Solana recorded sales volumes of more than $1.5 million in the past 24 hours, placing itself just below Ethereum [ETH]that stood head and shoulders above the rest of the market.
In addition, Solana recorded trades worth $9.8 million in the past week, flipping Polygon, which dominated the charts. Polygon recorded NFT transactions worth $8.7 million in the past week.
crypto slam
The boost in Solana’s NFT fortune may have come from the popular game-based NFT collection, The Heist: Orangutans, which was recently renewed for a second season.
Here come the orangutans… 🥥
After an overwhelmingly positive feedback on the art of Season 1 of @playtheheistwe were even more motivated to take it to the next level in Season 2.
We are grateful to the team at The Heist for the opportunity to remain the art team for such a… pic.twitter.com/56xNME504s
— Allegro.art (@Allegroart) August 16, 2023
According to a after on Twitter on Aug. 17, The Heist: Orangutans was one of the best-performing NFTs on the market, briefly surpassing Polygon-based DraftKings and even the blue-chip collections in sales volume.
Going forward, Solana could maintain its No. 2 spot in the market as Polygon braced for the departure of the DeLabs-owned profile photo (PFP) collection of y00ts. While the date for the migration to Ethereum has not been announced, the exit was expected to make a significant dent in Polygon’s NFT trades.
The biggest beneficiary of this development could well be Solana.
Read Solana’s [SOL] Price Forecast 2023-24
What’s going on with SOL?
Thursday’s carnage did not spare the ecosystem’s native token, SOL. The coin plunged 9.89% like Bitcoin’s [BTC] implosion brought the market down with it.
However, market chaos caused the asset to topple the popular memecoin Dogecoin [DOGE] to become the eighth largest crypto by market cap, data from CoinMarketCap revealed.