Solana Monkey became the first Solana NFT to be sold on the Solana network, and it was valued at $2 million. Solana price is $164.85 today with a 24-hour trading volume of 2,621,239,876. Analyzing the last 24 hours, Solana price is down -1% at the price of writing this article. Solana Monkey Business is in limited quantity. Due to its scarcity, this product is extremely sought after. These monkeys are by far the most valuable types of NFT being sold on Solanalysis right now.
Even though there are only a few Solana NFT collections, they are receiving a great deal of attention. The higher SOL value may contribute to some of that attention, although it may be impossible to identify which aspect affected the other. SOL prices can increase when Solana NFTs are introduced, but speculating on NFTs is more attractive when SOL prices are higher. No matter how it is framed, SFT projects continue to gain momentum.
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The average floor price on Solana is hugely different from that of Ethereum NFTs, which often sell for $1000 or more. A floor in this collection would cost 284 SOL, or $48,982. There are currently 985 Sol, or $152,055, listed as the average price. It’s an interesting peak for a collection with less than 2,000 holders. The current number of listed Solana NFTs is 632 out of 5,000.
Solana NFT space
Solana’s collection share one thing in common: limited availability. The number of NFTs available for sale in no collection exceeds 22% at present. That contrasts with Ethereum, which has a much more liquid collection market. Interestingly, hodlers do not appear to be selling them. Even though it is still early to determine the precise effects, the expectation of a higher price point can drive demand.
Moreover, some of these Solana NFTs projects have a tremendous “total floor value”. Even the smallest project has a TFV of over $6 million, whereas Solana Monkey business achieves a TFV of $239.5 million. Very intriguing statistics that will bring more attention to Solana-based non-fungible tokens. It seems doubtful every collection will be this successful, but anything can happen in the Solana NFT industry.
Despite emerging as one of the most popular NFT spaces in the world, Solana has drawn criticism for its lack of authenticity and replication projects that arise every week.
There has been some criticism that some of the Solana NFT projects we see are ‘cash-grabs’ that have no intrinsic value or utility apart from being on Solana.
SolBlocks is an example of how a ‘copycat’ project was created on Solana using Tyler Hobbs’ code for Fidenza’s art-generation.