ARE SOLANA NFTS GOING TO ZERO? VOLUME IS AT AN ALLTIME LOW
Many solana NFTs are down 90% from their all time highs. Magic Eden, the leading solana nft platform, has reached it’s lowest volume ever. But it might not be the end of the world like you think and here’s why..
HI, my name is Ethan and this is the NFT Hub: Where we cover Topics about solana NFTs so you are caught holding the bag. If you’re trying to figure out if NFTs are dead, then you clicked on the right video because we are going to cover
MAJOR projects that launched during or before the solana nft peak in November 2021 are down huge..
Here are some collections that you may be familiar with if you been into solana nfts..
Meerkat Millionaires: This project was the king on the block during the beginning of solana nfts.. They were the first project to introduce royalties to the space. This basically meant all the holders would get a portion of the secondary sales which resulted in passive income..
Their all time high was 34 sol and right now their floor is roughly 1.2 solana.. Thats over a 96% percent decrease in value..
This project was suppose to change the defi community with their defi games that they were going to develop.. They were holding quite well and influencers would pump them UNTIL one day after their game didn’t perform they ended up rugging the entire project.
Going from an ath of 9 sol to 0.
The last one was a more recent project that blew up the solana space.. This was OKAY bears..
They promised to deliver… well nothing to the solana space.. They just had good vibes and great branding. This simple formula pushed the floor price to an ATH of 262 solana.
But it didn’t last forever.. The euphoric feeling had to come to an end.. If you bought the top of this project you would only have about 60 solana of value at the floor now..
The floor prices have fallen off a crypto cliff but have the users? Lets check out the data behind the community..
ME is the leading marketplace for the solana ecosystem. If the ecosystem is trading, then magic eden is profiting. They get a cut of every sale on their platform as they ensure the trade goes through..
They do not prevent against rugpulls tho.
The peak of their trading volume came on April 29th as they peaked at 77 million solana. Which is a major payday considering they take a cut of every NFT pie.
This pump was surely due to okay bears taking over the entire ecosystem.
When we fast forward to august of 2022 they are hovering around 5 million solana a day… thats a 10 fold decrease from april but dont feel bad for ME..
Have you wondered how much revenue they make off of volume like that?
If they do 5$$in a 24 hour period then that is subject to their 2% transaction fee FOR EVERY SINGLE TRANSACTION..
So we can take 5.000.000 x .02 and that will give us = $100000 a day at their lowest day..
But why is their volume down?
This could be a few reasons. Maybe because the price of sol has decreased but weve also seen a decrease in the size and mint price of the new collections.