Is it time to Give up on Solana NFTs?

    Introduction

    This analysis delves into Solana NFTs both pre- and post-New Year. During the last 180 days, the Solana Ecosystem has encountered several challenges, including the FTX crash and wallet hacks.

    Some popular collections had planned to move to other chains, but nothing has been confirmed. After the New Year, NFTs on Solana experienced a significant decrease. To investigate this, I analyzed NFT-related activities on the Solana chain and compared data from 3 months before and after the New Year.

    Additionally, I created a custom explorer that allows you to track the sales activity of a specific collection. To use it, simply change the collection parameter and click "apply all parameters."

    What is Solana?

    Solana is an open-source blockchain platform that facilitates the hosting of decentralized and scalable applications. The Solana Foundation, based in Geneva, currently oversees the project, while Solana Labs, based in San Francisco, built the blockchain. Compared to other blockchain platforms such as Ethereum, Solana is faster in processing transactions and has lower transaction fees. The cryptocurrency that operates on the Solana blockchain, named Solana and using the ticker symbol SOL, experienced an incredible surge in value in 2021, rising almost 12,000%. At one point, its market capitalization reached over $66 billion, making it the fifth-largest cryptocurrency by market capitalization.

    Method

    I have organized my dashboard into three tabs:

    Mint: I utilized Solana Mint NFTs from Flipside tables to extract all necessary data. The amount of Sol determines the mint price, so I retrieved the Sol price and merged it with my findings. Finally, I calculated the mint price in USD.

    Secondary Market Sales: Similar to the previous section, I retrieved sales activities from the Solana NFT sales table. Once again, the sales amount is based on Sol, and I calculated the USD amount by retrieving the Sol price.

    Selected Collection: This section utilizes parameters. I combined the previous tables, but the analysis is specifically for a chosen parameter. I have set DeGods as the template, but you can adjust it from the Parameters option.

    db_img