Solana NFT Prices Defy Crypto Winter. Here’s why
Ethereum and Solana lead the best cross-protocol NFT collections, showing resilience in the winter slump that the rest of the market is witnessing.
According to DappRadar, y00ts and DeGods’ digital collectives top the NFT compilation chart on Solana. In particular, it is marketplaces such as OpenSea and Magic Eden that lead the way in the network. Mostly popular collections on the last day, the network’s LILY and y00ts were also collectibles.
Chris Burniske, the co-founder of crypto venture firm Placeholder, took to Twitter to point out the current uptrend in sales.
New launches continue
Despite the market weakness, traditional marketplace Sotheby’s digital vertical has also launched the Pudgy Penguins NFT sale. Acknowledging the sales volume of the collection, the platform states that “Generating over $200 million in trade volume, the branded IP of the Penguins has proven to capture the hearts of many with its positive ethos and cute look.”
In addition, the auction will introduce the Soulbound token (SBT) project, a non-transferable token for the wallet, within the Pudgy Penguins ecosystem.
The FTX aftermath
Interestingly, in the wake of the FTX collapse, Solana appears to be fighting the decline. The floor price of Solana blue chip NFT has continued to increase over the past 30 days. At the time of writing, the SF NFT index is up 5% in the last 24 hours.
Meanwhile, according to chain analyst Decentrader, the Pudgy Penguins also performed decently in the green, beating the broader decline.
Solana is currently the 11th largest decentralized chain on DefiLlama with a total value locked (TVL) of $285.24 million while supporting 89 protocols. Despite seeing a drop in TVL, the chain’s new node version 1.13.5 as part of the recent upgrade comes as good news.
It was executed last week according to Solana Labs co-founder Anatoly Yakovenko. The upgrade is set to increase the current validator base to avoid shutdowns that have plagued the network in the past.
At press time, SOL has a 24-hour trading range of $11.68 and $13.15. It has lost 10% of its value in the last week.
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