Can Solana’s latest move on the NFT front break SOL’s ongoing hibernation
Solana [SOL]On October 9, announced a new experiment that the ecosystem planned to conduct. Bhat chip SOL NFTs, such as DeGODS and millennia would undergo a change where royalties would be eliminated. This could provide a much needed boost to the Solana NFT marketplace.
When this tweet goes live, the DeGods collection fees metadata will be updated from 9.99% to 0%.
Next, @y00tsNFT (t00bs).
— DeGods (@DeGodsNFT) 9 October 2022
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Here is AMBCryptos Price prediction for Solana for 2022-2023.
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The DeGodsNFT official twitter account posted a Update stated that they would remove the royalty fees which were originally 9.99%. This update may motivate NFT holders to get involved in more transactions.
Need a helping hand
Given the downtime dilemma and other problems which Solana has met, the blockchain’s saving grace was its improved NFT market. However, over the past month, the NFT marketplace also seemed to deliver some disappointing results.
As can be seen from the image below, the volume of NFT’s turnover has fallen since 26 September. However, tThe new development from DeGods could revive interest in SOL NFTs and could help SOL get back on its feet.
Source: Sentiment
At press time, Solana’s Blue Chip NFTs were not performing well. Over the last 30 days, Solana NFT has fallen significantly, depreciating by 4% in the last 24 hours.
Source: SolanaFloor
Although the DeGods are a large part of the overall blue-chip index, they have performed well compared to the overall Solana NFT index. In addition, oIn the last week, DeGod’s NFTs have seen growth, and a massive increase in transactions and volume was also observed.
This peak can be attributed to their latest development and could be an indication of what the future may look like for this collection. Despite an increase in the number of transactions for the NFT collection, the total floor price is witnessed a decline.
Source: SolanaFloor
Furthermore, other NFT projects, such as SolanaMonkeyBusiness set similar growth in terms of transactions and volume. However, the same could not be said about y00ts The NFT collection as it witnessed a decline compared to mentioned calculations.
A thoughtless move?
Despite Solana’s constant efforts to improve the NFT community, the efforts did not affect Solana. Volume and market value were observed to decrease in recent days. This can be perceived as a bearish indicator by potential investors.
However, there has been a slight uptick in developer activity in recent days. Thus, it shows that Solana developers might be trying to add new upgrades and updates to their system.
Source: Sentiment
At press time, Solana traded at $32.85 and had strengthened by 0.47% in the last 24 hours. But, it remains to be seen whether Solana’s price can maintain this positive momentum.
