The place is OpenSea Solana within the NFT race? The reality is…

OpenSea has been hit arduous by the most recent spherical of turbulence out there. Nonetheless, some blockchains are evidently taking it tougher than others. To be particular, it’s excessive time we took a take a look at Solana and what its NFT merchants have been as much as.

Within the merry month of Might

Based on Dune Analytics, OpenSea Solana has famous a major rise in day by day quantity for the reason that finish of April. In reality, the identical hit a peak someday round 16 Might. Since then, nonetheless, it has been a journey downhill. 23 Might noticed a day by day buying and selling quantity of round 7457 SOL, or a bit of over $1,998 at press time.

Then again, it’s unusual to notice that whereas day by day quantity has been falling, the day by day NFT transaction rely has been rising since 12 Might. Primarily based on the information out there on Dune Analytics, in reality, we are able to see that day by day NFT transactions hit a peak of 19,517 on 18 Might.

So, what does this imply? One interpretation is that OpenSea Solana merchants are making extra trades, sure, however these are decrease in worth than earlier than. One other principle is that Solana NFTs could be getting undervalued.

On that be aware, it’s essential to remember the fact that the market’s general NFT trades rely has been dropping since round 22 Might. In the meantime, NFT trades volumes surged close to the tip of April, however has been steadily falling since then. You may level at market situations and Ethereum’s efficiency for these elements.

Primarily based on the information out there on Dune Analytics, OpenSea Ethereum has been seeing an identical development, with day by day quantity clearly declining for the reason that begin of April 2022.

You may’t high this!

At press time, information from CryptoSlam confirmed that the highest performing NFT collections over the past 7 days largely got here from Ethereum. Nonetheless, Okay Bears was on the record as nicely, even after shedding near 60% of its worth over the week.

Moreover, Solana’s NFT gross sales quantity – simply behind that of Ethereum – fell by 12.49% within the final seven days to the touch $43,753,778, on the time of writing.