Solana’s NFT Space Sees Growth Despite y00ts Migration

• Solana’s NFT space has seen a major setback with the migration of y00ts to Polygon.
• Despite this, Solana’s NFT ecosystem continued to grow with an increase in sales and trade volume.
• SOL’s price registered a marginal decline over the last seven days.

Solana’s Migration of y00ts to Polygon

Solana recently experienced a major setback when one of its most popular collections, y00ts, completed its migration to Polygon. This was further proven by Solana Daily’s 5 April tweet revealed that y00ts was the most traded NFT collection on Solana over the last 30 days.

Growth of Solana’s NFT Ecosystem Despite Migration

Despite this shift, data suggests that growth was seen on multiple fronts for Solana’s NFT ecosystem. For instance, Dune Analytics‘ data revealed that there has been a spike in Solanart and Magic Eden transactions – A sign of increased usage. Additionally, as per Cryptoslam, record growth was also noted in terms of sales with an increase of more than 7% in the last seven days.

SOL Performance

However, while Solana’s NFT ecosystem continued to grow, the same was not true for the network’s native token- SOL. CoinMarketCap found that at press time it was down 2% and valued at $20.63 with a market cap of $7.9 billion.

On-chain Metrics Suggesting Possible Improvement

Despite these numbers, several on-chain metrics suggested possible improvement for SOL’s future performance such as Binance funding rate rose by 1%, while Open Interest jumped by around 6%. Also, total addresses increased from 19k to 21k within two weeks – showcasing potential investor interest in the token’s future prospects

Conclusion

Overall, despite seeing some setbacks due to y00t’s migration to Polygon ,the overall trend seems positive for Solanas Nft Space as there have been increases in terms of sales and trade volume . Although SOL has not performed well recently , certain on-chain metrics suggest possible improvements for its future performance .