As part of this article, we focus on NFT activities in Solana since January 2022. Additionally, here is a comparison of NFT activity between Solana and Ethereum.
We have different NFT marketplaces in Solana. Forexample, Solport and MagicEden are more popular NFT marketplaces .Here lets discuss a small introduction about them .
Magic Eden NFT is the most popular market on Solana. Known as Magic Eden, it facilitates buying, selling, and minting of NFTs on the Solana Network.The goal is to become the source for finding, trading, and creating NFTs of all types online. Magic Eden, the number one NFT platform on Solana, has done an impressive $2 billion in trading volume in its first two months following its launch.
The Solport Marketplace is the leading marketplace for trading Solana NFTs. Using the NFT marketplace on Solana App, Solport launched V2 on March 12th, which includes a variety of new features for marketplaces and mobile apps. Solport is simple to use. You can connect your wallet by clicking “Connect Wallet” in the top right of the website. Your wallet address appears once you log in. Afterward, click again to navigate to “Your Account,” where you can see and list your verified NFTs for sale. Click “Collections” on the website header to explore! Here, Solport charges 2% commission to sellers. There is no fee for submitting, unsubmitting, or canceling an offer..
With this dashboard, we can see how NFTs are performing their sale activities in Solana since January 2022. We can also see the comparison of NFT activity between Solana and Ethereum. As part of this, we track the following metrics with Solana NFTs.
- The total number of mints since January 2022 and their growth rates
- The total amount of NFT sales and growth rates since January 2022
- The total number of wallets that have minted or purchased a Solana NFT, as well as the growth rate since January 2022
- As a next step, we can look at the NFT Sales Transactions between Solana and Ethereum
- Next, we can take a look at the growth of new users buying and mining NFTs – Solana vs Ethereum
- Here are the week over week changes in new users purchasing / minting NFTs – Solana and Ethereum
Based on the graph below, we can see how many NFTs have been minted in Solana since January 2022. As we can see here, Solana’s NFT production suddenly hit an all-time high in early September 2022. A downtrend in the minted rate was observed in Solana blockchain later on. As the y00ts project opened on Sept 7th 2022, Solana had its best day in a long time with more than 200K SOL (4K ETH) in volumes. As a result, various SOL projects saw massive spikes in daily volume.
Note : Here the y00ts is a generative art project of 15,000 NFTs. We are writing it as a love letter to the Web3 community. Designed with aesthetics in mind. Functionality is engineered into the design. An online community of builders and creators curated to contain the best talent. As a result, the Solana blockchain is attracted by a larger number of users.
The graph below shows that initially, there weren’t many NFT mints in Solana. From May 2022 onward, we see an increasing trend, and in early September 2022, we observe a sudden rise. Maximum Transactions of 323.23K was observed in September 7, 2022 . As a result of the introduction of the y00ts project, this has happened.
As we can see from the tweet below,
Pinning this tweet so we can start focusing on memes/supporting the community.— y00ts (@y00tsNFT) September 6, 2022
If you’re on the waitlist, please wait for an official announcement for when that opens up.
If you have already have a spot, you can still mint your t00b on our website. https://t.co/iU9IucifRF
According to the graph below, NFT sales transactions have been occurring in Solana since January 2022. During the period of January 1, 2022 to November 23, 2022, NFTs sales transactions totaled $17.34 million. The maximum Sales Transactions of $255.32K were observed on September 7, 2022, and the minimum Sales Transactions of $19.53K were observed on May 1, 2022. Sales transactions decreased between January 2022 and November 2022. Nevertheless, we can see a sudden spike in NFT sales transactions on Sept 7 2022. Our suspicions could be that the Y00TS project is responsible for what happened.
From the below graph we can see the active users which are minting in Solana . Assuming that the active users are minting on Solana, the total number of active users was 4.19M from January 1, 2022 to November 23, 2022. The maximum number of users was 32.09K on August 13, 2022. The number of active users is declining in cases of minting. There might be a reason for this due to the crypto volatility. In the current bear market situation in crypto, users minting has decreased.
There were 5 million buyers of NFTs on Solana between January 1, 2022 and November 23, 2022. The maximum number of buyers was 27.45K on September 7, 2022. In the period of Jan 2022 to Nov 2022, the total number of buyers of NFTs decreased. That means there is a downward trend for NFT buyers. It may be due to the volatility of the market and crypto’s bear market that buying NFTs has decreased.
From the below heat map we can see a clear view of new users which are buying/minting NFTs in Solana Since Jan 2022.
Based on the below graph, we can see that a new user has been buying/minting NFTs since Jan 2022. There were 1.45M new users between January 1, 2022 and November 23, 2022. August 13, 2022, was the day of maximum new users of 21.61K, while November 17, 2022 was the day of minimum new users of 629. There were 3,39K new users in January 1, 2022, but there were only 2.4K by November 23, 2022, a 29% decrease. It appears that there is an increasing trend of new users purchasing / minting NFTs in Solana. In the near future, we can expect this to be a positive sign that the market will resume its boom.
In the period of January 1, 2022 to November 23, 2022, the total sales volume (sol) was $35.35M. A maximum Sales Volume (sol) of $417.96K was observed on May 24, 2022, and a minimum Sales Volume (sol) of $37.22K was observed on August 15, 2022. Compared to the initial days, sales volume (sol) increased almost three times from $40.01K to $123.64K in November 23, 2022. During the period January 1, 2022 to November 23, 2022, there was a total of 16.45 million mints. A maximum of 978.42K mints volumes were observed in August 11, 2022, and a minimum of 1.02K were observed in November 9, 2022. The total number of mints (sol) decreased from 9.3K on January 1, 2022 to 6.63K on November 23, 2022. Cryptocurrency’s bear market is responsible for all of this.
NFTs Sales In Solana Vs Ethereum
In this section , we can see the comparison of NFTs sales transaction in both Solana and Ethereum blockchains . The total number of Ethereum sales transactions between W52, 2021 and W44, 2022 was 16.72M. W5-2022 observed the maximum Ethereum sales transaction number of 541.93K, and W52-2021 witnessed the lowest transaction number of 56.66K. There were 16.57M in sales transactions between W52, 2021 and W44, 2022 for Solana. The maximum number of Solana sales transactions was 991.72K in W36, 2022, and the minimum number was 22.86K in W52, 2021. There was a decrease in the overall sales transactions of Ethereum and Solana.
Below is a graph showing the percent of NFT sales transactions between Solana and Ethereum since Jan 2022. The total percentage of Ethereum sales transaction between January 1, 2022 and October 31, 2022 decreased. The sales transaction percentage for Solana has been rising from January 1, 2022 to October 31, 2022.
Based on the total number of new users minting / buying NFTs on both platforms, Ethereum contributes the most (68.97%) to the total new users of the two platforms. On Solana, we can see that new users are increasing over time when we compare the growth there with the growth in the beginning. Additionally, we notice that the number of new Ethereum users has decreased since the beginning. The maximum number of new users was observed on September 15, 2022, which is due to the Ethereum merge. There may have been a high minting on that specific day as a result of this merge attracting a lot of new users.
Below is a graph showing the comparison of new users buying/minting NFTs in both the Solana and Ethereum blockchains. When compared with the previous week, the growth of Solana new users buying/minting NFTs almost reached 98% during the week of Aug 07-13 2022.
- Initially, we didn’t see a lot of NFT mints in Solana, as shown in the above analysis. Nevertheless, we can see an increasing trend from May 2022 onwards, and we also observed a sudden spike in early September of 2022. During September 7, 2022, a maximum of 323.23K transactions were recorded. As a result of the introduction of the y00ts project.
- In cases of minting in Solana, the number of active users is declining. Because of the volatility of cryptos, this might be the reason. Crypto markets are currently in a bear market situation, which has reduced users minting.
- According to the above analysis, NFT buyers are declining in Solana. NFT buying may have decreased because of market volatility and crypto’s bear market.
- During the period January 1, 2022 to November 23, 2022, the total number of mints (sol) decreased from 9.3K to 6.63K. The bear market in cryptocurrency is to blame for all of this.
- It is evident from the above analysis that NFT sales transactions of Ethereum and Solana decreased.
- According to the above analysis, Ethereum sales transactions decreased between January 1, 2022 and October 31, 2022. The number of sales transactions for Solana has increased from January 1, 2022 to October 31, 2022. As we can see, sales transactions were increased in Solana due to the y00ts project in early September 2022.
- When we compare Solana’s growth with its growth at the beginning, we can see that new users are increasing over time. Additionally, we observe a decrease in new Ethereum users since the beginning of the analysis. As a result of the Ethereum merge, the most number of new users was observed on September 15, 2022.
- During the week of Aug 07-13 2022, the number of new Solana users buying/minting NFTs almost reached 98% compared to the previous week.
- We can see from the above analysis that there is an increase in NFT mints in Solana in September early releases. Afterwards, we can also see a significant increase in sales transactions on Solana. We can assume that these changes were made by the y00ts project. Therefore, we cannot say whether the y00ts will have staying power, but there’s definitely more excitement over on SOL right now. There are also many people who are attracted to this y00ts NFT. Hope this will continue to increase this ecosystem’s growth, as well as this should continue in the near future. Let’s hope the best!
WITH sol_mints as ( select mint.block_timestamp, mint.tx_id, mint.mint_price, purchaser from solana.fact_nft_mints as mint where succeeded and mint_currency ='So11111111111111111111111111111111111111111' ), sol_mint_metrics as ( select date_trunc('day', block_timestamp) as date, count(tx_id) as sol_mint_txns, sum(mint_price) as sol_total_min_vol, count(distinct purchaser) as sol_mint_purchasers from sol_mints group by date ), sol_sales as ( select block_timestamp, tx_id, sales_amount, purchaser from solana.fact_nft_sales where succeeded ), sol_sales_metrics as ( select date_trunc('day', block_timestamp) as date, count(tx_id) as sol_sale_txns, sum(sales_amount) as sol_total_sale_vol, count(distinct purchaser) as sol_sale_purchasers from sol_sales group by date ), sol_users as ( select block_timestamp, purchaser from solana.fact_nft_sales where succeeded UNION select block_timestamp, purchaser from solana.fact_nft_mints where succeeded ), sol_user_first_tx as ( select block_timestamp, purchaser from sol_users QUALIFY row_number() over(partition by purchaser order by block_timestamp) = 1 ), sol_user_growth as ( select date_trunc('day', block_timestamp) as date, count(purchaser) as new_users from sol_user_first_tx group by 1 ), sol_mav_mints as ( SELECT block_timestamp, date_trunc('day', block_timestamp) as date, tx_id, purchaser, mint_price, mint, case when program_id = 'cndyAnrLdpjq1Ssp1z8xxDsB8dxe7u4HL5Nxi2K5WXZ' then 'Candy Machine v1' else 'Candy Machine v2' end as cm_version FROM solana.fact_nft_mints WHERE program_id IN ('cndy3Z4yapfJBmL3ShUp5exZKqR3z33thTzeNMm2gRZ', 'cndyAnrLdpjq1Ssp1z8xxDsB8dxe7u4HL5Nxi2K5WXZ') AND succeeded and mint_currency ='So11111111111111111111111111111111111111111' ), candy_by_version as ( select date, cm_version, count(distinct purchaser) as purchasers, count(tx_id) as total_mints, avg(mint_price) as avg_mint_price_sol, sum(mint_price) as total_mint_volume_sol from sol_mav_mints group by date, cm_version ), candy_v1 as ( select date, purchasers as cv1_purchasers, total_mints as cv1_total_mints, total_mint_volume_sol as cv1_tot_mint_volume_sol from candy_by_version where cm_version = 'Candy Machine v1' ), candy_v2 as ( select date, purchasers as cv2_purchasers, total_mints as cv2_total_mints, total_mint_volume_sol as cv2_tot_mint_volume_sol from candy_by_version where cm_version = 'Candy Machine v2' ), eth_sales as ( select to_date(block_timestamp) as date, count(distinct buyer_address) as eth_nft_users, count(distinct tx_hash) as eth_nft_sales from ethereum.core.ez_nft_sales where block_timestamp >= '2021-12-01' and event_type = 'sale' GROUP BY date ), sol_metrics as ( select sol_sales_metrics.*, sol_mint_metrics.sol_mint_txns, sol_mint_metrics.sol_total_min_vol, sol_mint_metrics.sol_mint_purchasers, sol_user_growth.new_users as sol_new_users, candy_v1.cv1_total_mints, candy_v1.cv1_purchasers, candy_v1.cv1_tot_mint_volume_sol, candy_v2.cv2_total_mints, candy_v2.cv2_purchasers, candy_v2.cv2_tot_mint_volume_sol, eth_sales.eth_nft_users, eth_sales.eth_nft_sales from sol_sales_metrics inner join sol_mint_metrics using (date) inner join sol_user_growth using(date) left join candy_v1 using (date) left join candy_v2 using (date) left join eth_sales using (date) ) SELECT * FROM sol_metrics