Solana Blockchain networks have seen a great deal of effort in the past towards supporting NFTs. In the early days, Solana itself was marketed as a more affordable option for his NFT market. ethereum.
These efforts have contributed to the use of the network, but Solana is still not the NFT powerhouse the world expects.
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But does it still have a chance to live up to its expectations? Well, Solana has added a new NFT platform to its arsenal called Night Market.
New NFT Market Aims to Boost Demand Solana NFTWhat makes this new NFT marketplace unique is that it has a community-centric approach. This means that incentives and rewards can be built around developers and users to drive more usage.
Welcome to the Night Market – the new home of Solana’s creators, collectors, and degens.
👇🧵 This is what we are all about. All interactions are considered. pic.twitter.com/f5dgTWLBOQ
— Night Market (🌚, 💫) by Motley Labs (@nightmarketio) October 25, 2022
Deploying the right strategy for your NFTs will determine whether you get more or less organic traffic from your NFT marketplace. However, there are many other variables involved.
That being said, Night Market is a new addition to Solana and has not yet been tested. organic demand for
Demand for Solana NFTs has decreased significantly over the past six months. This could be related to the bear market and the shift away from the risk-on asset class.
Solana’s low NFT activity in 2022 is, of course, related to bearish market conditions. Its total NFT count metric shows this.
For example, the Solana NFT count saw its biggest spike in six months in late June. This is about the same time the market began to recover after bottoming out near mid-June.
If the market embarks on another strong bull market, NFT volumes could surge again. Solana is already well positioned to deliver according to the needs of the NFT market, courtesy of Knight his market.
Has the next bullish wave already started?
The bearish market conditions in October have retested the SOL 2022 lower end range. After falling to $26.84 last week, it has almost retested the June lows. A press-time price of $31.25 means it is already up more than 15% from last week’s low.
of strong run up Expectations of another major bullish relief observed over the past two days have recovered. Unfortunately, it’s still too early to tell if this is the start of the next bullish rally. The upside is also facing resistance after interacting with the 50-day moving average.
Solana’s actual volume had already started cooling after the big spike.
A decline in volume after a large spike may indicate a lack of follow-up volume to support further increases.