Considering if y00ts will be the one to take Solana NFTs to the moon

Delphi Digital caused quite a stir recently after that revealed that Solana hitting some kind of new ATH. According to his tweet, Solana recorded NFT volumes of 344k – an ATH that well surpassed the previous record high in May. This large increase can be attributed to y00ts NFTs.

Ergo, the question – Can the growing interest in Solana’s NFTs have a beneficial effect on the price?

Solana has been in the news for its growing impact in the NFT space for quite some time now. However, after y00t’s NFT mint, NFT transactions on the Solana blockchain have seen a massive increase.

Source: Delphi Digital

Stands apart from the crowd

The y00ts NFT project is the latest NFT project from the creators of the leading collection on Solana – DeGods. However, what makes this project unique is the ownership rights that the holders have.

In a traditional NFT project, the IP is typically owned by the NFT holder. What yOOts is trying is known as Creative Commons or CCO. It is an alternative method of licensing IP that allows the holder’s assets to be owned by the public.

This allows a yOOts owner to develop subcommunities or businesses based on the NFTs they own, as well as monetize the NFTs they own through fan art and sub-DAOs.

However, the NFT marketplace is not the only avenue where Solana has dominated,

Solana has seen a 150% increase in its social media mentions and a 170.94% increase in its social engagements over the past three months. In light of the growing popularity of the NFT ecosystem, it seems that Solana’s fame will also increase in the future.

Although there has been quite a bit of criticism against Solana for its many downtimes, it seems that developers have been working hard to fix these downtime issues.

Consider this – There has been a massive increase in developer activity over the past week, indicating that the Solana team has been working on upgrades and updates to improve the Solana system. However, SOL’s market value has weakened over the past 7 days.

Source: Sentiment

Proceed carefully

Alas, that’s not the only cause for concern for investors. SOL’s volume has weakened by -66.92% in the past week, and its market dominance has fallen by 4.92% in just over a month.

The massive fall in volume could be a red flag for investors who want to invest in SOL.

Source: Messari

Solana has been subject to massive criticism in the past due to its downtime. But thanks to the new one cooperation with the Helium network and its growth in the NFT space, the tide may turn in Solana’s favor.

It remains to be seen whether this latest development can have a positive impact on Solana.