The non-fungible token (NFT) marketplace took a massive blow in 2022 Q2. Meanwhile, a bear phase kick-started during the May Terra debacle as the overall crypto market resorted to tumbles. Top collections have seen upticks recently. Nevertheless, not all flourish amidst this recovery phase.
Okay Bears
The Okay Bears collection on Solana is among the NFTs that deteriorated over the previous months. It remained more than 91% low in sales volume within the month as other Solana-based collections recorded impressive figures.
Moreover, Okay Bears noted a sudden plunge in sellers and bears. Its sales volume declined to $7,693,590. That slump left the collection ranking 19th. Moreover, CryptoSlam’s data chart confirms the fall from glory.
Nevertheless, Okay Bears NFTs noted a massive sales increase within the previous day. The 420% surge saw the collection’s sales volume climbing to $409,130. Is this what SOL NFT fans have been anticipating?
Solana Up?
The NFT industry has seen a shake-up amidst pessimistic market conditions. While Ethereum maintains the lead, Solana remains stacked behind it. The SolScan scanning tool offered an update about the Solana non-fungible token market.
The SOL NFT space boasts $3.5 billion in market capitalization, with more than 16M non-fungible tokens minted. Moreover, there are more than 120K distinct NFT collections and more than 3.6 million exclusive holders. A tweet by SolScan suggests one-third of overall NFTs (only) were on marketplaces.
May can be the highest-selling month for SOL NFTs regardless of the brunt market. The month saw trading volume at 4.9 million and 2 million newly minted non-fungible tokens.
Nevertheless, Magic Eden still dominated the Solana non-fungible token marketplace. Magic Eden’s market capitalization stood at $1.8 million in May, boasting a more than 90% market share. Moreover, the SolScan tweet complimented the Solana blockchain performance as far as NFT sales are concerned.
Meanwhile, the crypto market saw bears dominating within the past months. While publishing this post, the overall cryptocurrency market cap hovered weakly at $866 billion, well beneath the vital $1 trillion mark.
Feel free to share your opinions in the comment section below.
Editorial credit: davide bonaldo / shutterstock.com
NFTMetaverseFinance is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Some of the content on this site (namely Branded Voices content) is paid content that is not written by our authors and the views expressed do not reflect the views of this website. Any disputes you may have with brands or companies mentioned in our content will need to be taken care of directly with the specific brands and companies. The responsibility of our readers who may click links in our content and ultimately sign up for that product or service is their own. Cryptocurrencies, NFTs and Crypto Tokens are all a high-risk asset, investing in them can lead to losses. Readers should do their own research before taking any action.
