In May, the overall performance of the NFT market was sluggish, and the trading volume of OpenSea (Etherchain) fell 31.6% YoY.
Amidst the sluggish market, the Solana NFT market saw explosive growth, with Magic Eden’s May trading volume up 39.79% YoY and OpenSea (Solana chain) up 286.02% YoY. NFT projects such as Okay Bears, Trippin’ Ape Tribe, DeGods, etc. have a very high social media buzz .
Solana NFT market is hot mainly for the following three reasons: Solana’s own high performance and mature ecology, emphasis on community building, and cultivation of meme culture.
Solana, as a public chain with high performance and mature ecological development, attracts more and more NFT projects to complete deployment, and more than 900 NFT projects have been deployed on the Solana chain.
Solana NFT projects focus on the rights and interests of NFT holders and community building, and many NFT projects build communities with NFT holders as the core, providing NFT holders with quality rights and interests such as community-limited rights and interests, future airdrops, and rewards for partner activities.
The culture behind NFT PFP projects has always been the main point of these projects, and the community’s cultural identification with NFT PFP promotes the sales and community spread of these projects, which is one of the reasons for the explosion of Okay Bears (Temperance Bears).
Behind the Solana NFT explosion there are also some concerns, NFT PFP projects lack innovation, some projects are BAYC, CryptoPunks and other imitation plate. In the context of the overall downturn of the NFT market, it remains to be seen whether the transaction volume and floor price can remain high.
Solana NFT market hotness
(1) NFT market situation
The Solana NFT market saw explosive growth in user volume and transaction volume in May.
Taking Magic Eden and OpenSea (Solana chain) as examples, Magic Eden is the largest NFT trading platform on the Solana chain, with a trading volume of about 574 million USD in May, up 39.79% YoY.
OpenSea (Solana chain), which ranks second in terms of trading volume, had a trading volume of about $44 million in May, up 286.02% YoY.
During the same period, the NFT market of Ether was cold, and the trading volume of OpenSea (Ethernet chain) was $2.38 billion in May, down 31.6% from $3.48 billion in April.
The contrast between Magic Eden and OpenSea (ethereum chain) in terms of transaction volume change reflects that the Solana NFT market is hot instead of decreasing despite the overall downturn of the NFT market.
(2) Solana on-chain NFT project enthusiasm
Among the top 15 projects in terms of 30-day trading volume displayed on OpenSea’s homepage, Solana on-chain NFT occupies two seats, among which Okay Bears is among the top 10 in terms of trading volume, with a monthly trading volume of over 1.06 million SOLs.
With the exception of Okay Bears and Trippin’ Ape Tribe, headline Solana NFT has seen significant growth in transaction volume in the last 30 days.
Magic Eden data shows that a total of 7 projects have exceeded 100,000 SOLs in 30 days, and several projects have seen a 100% 30-day YoY increase in volume, with some projects even seeing a 1,000%+ increase in volume.
(3) Community fervor
The data at 12:00 on June 2 shows that the number of tweets containing solana nfts in 1 hour was 790, while the number of tweets containing ethereum nfts was 410, which shows how hot the Solana NFT project is being discussed on Twitter.
The head NFT projects on the Solana chain have built a large community. Among the top 10 projects in terms of 30-day trading volume, Trippin’ Ape Tribe and Genopet have more than 100,000 Discord members, and the top 10 projects all have more than 20,000 Discord members.
NFT KOL Orangie, who has 164,000 Twitter followers, tweeted that SOL Community > ETH Community. in his recent tweets, NFT on Solana chain dominated, mentioning projects such as Okay Bears, Trippin’ Ape Tribe, CETS ON CRECK, Primates, and Great Goats. Primates, and Great Goats.
Solana on-chain NFT trading platform
(i) Overall Data
The data shows that the total 30-day trading volume of the mainstream NFT trading platform on Solana chain is about 5.42 million SOL, among which Magic Eden has a trading volume of 5 million SOL, accounting for 92.2%, and is the absolute dominator of Solana NFT trading platform.
In addition to Magic Eden, popular Solana chain native NFT trading platforms include Solanart, SolSea, etc.
(II) The functions and representative projects of NFT trading platforms
Collating 11 mainstream Solana NFT trading platforms, the main functions include the following 6 types.
-On-line NFT projects
-Secondary market transactions and auctions
-NFT data statistics
-NFT casting calendar
-Game asset trading and game display
-NFT aggregated trading
“Secondary market trading” projects: Magic Eden, SolSea, Solanart.
“NFT Trading Aggregator” projects: Coral Cube, Hyperspace.
Fractal” is the representative project of “Game Asset Trading and Game Display”.
Top NFT Project Types
The top 100 Solana NFT projects in terms of 30-day trading volume are divided into five main types: pure PFP, NFT projects with pledge function, game incarnation, NFT Pass, and meta-universe related NFT.
(i) Pure PFP
Pure PFP projects issue a certain number of avatar-based NFTs, which have no additional functions other than collecting and trading. Pure PFP projects occupy the largest share of the NFT market. The top two NFT transactions on Solana chain, Okay Bears and Trippin’ Ape Tribe, are typical pure PFP projects.
- Okay Bears
Introduction: Okay Bears consists of 10,000 bears’ NFTs, known as “Calm Bears”. The team hopes to work with community members to develop these seven sections.
-The Park: Discord channel, accessible to Okay Bear NFT holders.
-Workshop: A channel to expand the brand, including collaborating with other communities and brands to host events.
-Gallery: Encrypted art gallery.
-Studio: Users can access future collections, artwork, community Lo-Fi albums, and more.
-Boutique: Produces exclusive merchandise and limited edition collectibles.
-Bear Market: An ecosystem for NFT holders.
-Platform: Interactive, development platform.
30-day sales volume: 1,116,000 SOL
Floor Price: 147 SOL
- Trippin’ Ape Tribe
Introduction: Trippin’ Ape Tribe is an NFT PFP project built around a community of 10,000 ape NFTs. The project welcomes strategic partnerships with like-minded brands and collaborators to expand the scale and brand reach of the community.
30-day sales volume: 419,000 SOL
Floor price: 28.5 SOL
(ii) NFT with pledge function
NFT holders are rewarded with tokens by pledging NFT, and the pledge function is designed to provide additional revenue for NFT holders. The introduction of tokens in NFT PFP projects allows NFT holders to trade both NFTs and tokens in the secondary market. famous Fox Federation, Jikan are representative projects of this type.
Famous Fox Federation consists of 7,800 cartoon fox NFTs, and NFT holders receive FOXY tokens by pledging NFTs. The project has a 30-day trading volume of 59,000 SOLs and 4,223 holders.
Jikan consists of 8,888 ape image NFTs, and NFT holders receive TROOP tokens by pledging NFTs. The 30-day trading volume of the project is 35,000 SOL, and the number of holders is 7,976.
(iii) Game Incarnation
Genopet is a representative project of this type.
Genopet is an NFT-based M2E application in which Genesis Genopet holders earn XP through real-world workouts that boost Genopet’s combat performance and give it unique attributes.
Genopet currently issues NFTs including Genesis Genopet and Genopet’s Habitat with a total 30-day trading volume of 72,000 SOL.
(iv) NFT Pass
NFT Pass is an equity NFT issued by project parties. holding NFT Pass can unlock specific rights and benefits, including access to management tools, joining Discord community, and obtaining priority rights and benefits, etc. Moonly and SolRarity are representative projects of this type.
Moonly is an NFT data analysis platform, Moonly NFT holders get limited rights and interests such as analysis tools and management tools. 30 days trading volume is 30,000 SOL.
SolRarity consists of 2,600 USB NFTs, and NFT holders can unlock advanced tools. 30-day trading volume is 26,000 SOL.
(V) Meta-universe related NFT
The representative project of this type is Solsteads & Citizens, which has issued NFTs of virtual land and citizens, with a total trading volume of 23,000 SOL in 30 days.
(vi) Criteria for judging quality projects: innovation, community, and practicality
When choosing an NFT project, you need to measure three dimensions: innovation, community and practicality.
Innovation: whether the project has heavy traces of plagiarism, whether there are new selling points in the project design.
Community: the number of members of the project’s own community, the level of activity, whether the project is biased to build projects around the community.
Practicality: whether the project has a mobility program, and whether it has a high level of playability.
Among the 100 projects, there are 16 projects that stand out in terms of innovation, community, and practicality, with PFP+ pledges and NFT Pass projects predominating, with DeGods and Jikan among the PFP+ pledge quality projects, Communi3 and SolRarity among the NFT Pass quality projects, and Okay Bears, Genopets, STEPN.
The problems of low TPS and high Gas fee of Ethernet make NFT project parties seek a more friendly NFT launching solution. Solana’s high TPS and relatively low Gas make Solana a current high-quality solution. At the same time, Solana’s mature ecology can provide a full range of tools for NFT.
Solana public chain advantages: high TPS and mature ecology
(1) High TPS
Magic Eden data shows that Solana’s TPS is above 2000, i.e. processing more than 2000 transactions per second.
The number of Magic Eden 24-hour transactions is around 30,000. Solana’s TPS can currently cope with the transactions of NFT on the chain and reduce the chance of Gas fee spikes when NFT transactions occur.
(2) Mature ecology
Solana’s official website shows that more than 2,000 applications have been deployed on the Solana chain, with categories covering wallets, prophecy machines, DEX, lending applications, chain tours, NFT, etc. As a leader among new public chains, Solana eco-applications provide auxiliary tools and partner support for NFT projects.
NFT project parties are able to find high-performance DeFi apps, SocialFi apps, and meta-universe apps to integrate with them, and Solana chain-backed wallets provide NFT holders and project parties with a place to store NFT.
Solana official has been actively absorbing excellent developers to join the ecology, and excellent developers provide robust technical support for Solana development.
Solana NFT burst fire root: community building
Community operation status is an important criterion to judge whether the NFT project can develop in the long run. Solana on-chain NFT project has three main advantages in community operation: building NFT community with NFT holders as the core, extensive NFT holders’ rights and interests, and meme culture.
(1) NFT holders as the core to build the NFT community
NFT holders are the core members of the community, and the NFT project actively maintains the relationship with NFT holders and takes care of their needs when designing the roadmap and features.
For example, among the seven modules of the Okay Bears roadmap, Studio allows users to access future collections, artwork, community Lo-Fi albums, etc. Bear Market is an ecosystem for NFT holders, providing value-added services to NFT holders.
In the process, NFT holders are able to enjoy the benefits of inter-community collaboration, keep up to date with future plans for the NFT project, and gain additional revenue from the new features of the NFT project, in addition to holding NFT.
This move by the NFT program not only retains core community members, but also attracts a wide range of external quality community members.
(2) Extensive NFT holders’ rights and benefits
There are three main types of NFT holder benefits: pledging NFT to get tokens, holding NFT Pass to get exclusive benefits, and other benefits and rewards provided by the NFT project.
- Pledge NFT to get tokens
The pledge feature is a liquidity solution provided by the NFT PFP project, which provides token rewards through pledge mining. To receive token rewards, you must hold NFT and participate in pledging. The pledge feature increases the number of NFT holders and the amount of pledges. 2.
- Hold NFT Pass to get exclusive benefits
NFT Pass gives holders the qualification to unlock premium benefits, which include
① access to asset management rights of the data analytics platform, whitelisting tools, etc..
② Become a core member of the community.
③ access to the NFT project future NFT issuance of whitelist qualifications, mint price concessions and other rights and interests.
Quality rights and benefits are important reasons to attract users to buy NFT Pass.
- other rights and rewards provided by the NFT project
Solana head NFT project in the process of cooperation with other quality community, will bring some benefits for community members.
For example, Okay Bears and Trippin’ Ape Tribe have been collaborating with quality brand parties and communities to enhance their influence. The benefits brought by the collaboration include limited collectibles, partner rewards, and rewards that community members can earn for participating in events.
(3) meme culture
The NFT PFP program is compatible with meme culture, and the NFT PFP’s interpretation of the image and overall narrative can make some people find resonance.
For example, Okay Bear (calm bear), there is a sentence in the introduction of the official website: “Here, you can be a calm person”. No matter what you encounter, you can just say “Okay”, which makes it easy for Okay Bear to be used in social media to express “no panic” and “lying flat”. This has made it easy for Okay Bear to be used in social media to express emotions such as “not panicking” and “lying down.
In this process, Okay Bear and social media interacted and contributed to the explosion of Okay Bear.
The NFT PFP program builds a community with NFT holders as the core, and the community has a definite cultural gene. The core members of the community have a sense of identification with the culture and values behind the program, and spread the culture and values of the program through social media to bring the community together while widely attracting new members.
Solana NFT’s concerns
There are two main concerns about Solana NFT: the lack of innovation in the NFT PFP program and the time to maintain its popularity.
- Lack of innovation in NFT PFP
NFT PFP lack of innovation has been a long-standing problem, NFT PFP project image to robots, monsters, characters, animals, similar style of painting due to aesthetic fatigue caused by players, the collection of NFT PFP interest declined.
NFT PFP if there is no other function other than making avatars and trading, the heat tends to decline rapidly.
In Solana chain there are BAYC, MAYC, CryptoPunks and Okay Bears imitation discs, these imitation discs and the original IP similarity is high, the project design is relatively rough.
- The time to maintain the heat remains to be seen
At present, the NFT projects on Solana chain are mainly pure PFP. The overall downturn of the NFT PFP market, the lack of innovative gameplay and the increasingly short average collection time make it doubtful “how long can the NFT PFP projects stay hot”.
NFT project trading volume is difficult to maintain a stable growth in a long time, but according to events, market sentiment changes, so there are often old projects trading volume The situation of soaring.
Quality NFT projects, with quality marketing strategies can quickly become popular, but how long a wave of heat can last, need to rely on the project side to do things and the market test.