NFT Market Drops Sharply, Digital Art Collection On Solana Network Beaten The Most

The NFT market has slumped, the Solana network is most affected by the decline in digital art. (Photo; Doc. TheMegaMaxi)

JAKARTA - The non-fungible token (NFT) market has had a bad day lately. This is because the volume of NFT sales across the platform has fallen sharply, reflecting the decline in interest and activity of buyers and sellers.

According to data from DappRadar, NFT sales volume in the last 24 hours has only crossed 25.98 million US dollars (Rp408.5 billion), this figure is down 25.2% from the previous day. The number of buyers fell 21.3% to 14,467, the number of sellers fell 12.75% to 4,857, and the number of transactions fell 34.2% to 28,975.

Among the top 10 NFT collections based on sales volume, only two experienced an increase, namely God's Unchained Cards and Taiyo Robotics. The first collection rose 11.113% to USD 747.886 (IDR 11.7 billion), while the second collection rose 1.051% to USD 13.581 (IDR 213 million).

Meanwhile, Nobody's NFT collection experienced the largest decline, which was 70% to 2 million US dollars (Rp 31.4 billion). This collection is one of the most popular NFT collections in January, with sales volume reaching 38.6 million US dollars (Rp606.4 billion).

In addition, there has been a significant change in the blockchain ranking that supports NFT. While Ethereum still stands at its peak with a sales volume of 18.9 million US dollars (Rp297.1 billion), this figure is down 30% from the previous day. Ethereum is also facing problems with high transaction scalability and costs, which hinders the growth of the NFT market in its network.

One of Ethereum's competitors, Solana, is experiencing even worse fate. The network is experiencing disruption today, affecting the price of its native coin, SOL. SOL fell 13.5% to 97.8 dollars per coin, according to data from CoinMarketCap.

At the same time, NFT sales volume on the Solana network has also suffered significant losses recently. Based on data from SolAnalysis, NFT sales volume in Solana has only reached 1.05 million US dollars (IDR 16.5 billion). This shows a sharp decline of 82.4% from the previous day. The number of buyers fell 79% to 1,026, the number of sellers fell 79% to 433, and the number of transactions fell 74% to 2,175.

Solana had dropped to fourth in NFT sales volume, below Avalanche, which has a sales volume of $1 million. However, Solana managed to climb back up to third, although it is still far below Ethereum and Bitcoin.

Then the Bitcoin network with its Ordinary digital art, an NFT competitor, actually managed to record a sales volume of 5.99 million US dollars (Rp94.1 billion), up 2.4% from the previous day. This is driven by the popularity of Bitcoin-based NFT collections, such as Rare Pepe, Bitcorns, and Curio Cards.

Meanwhile, most of Solana's NFT collections are in a downward trend. The Deez Nuts collection, which is Solana's most popular NFT collection, has decreased 86.7% in sales volume, to 133,886 US dollars (IDR 2.1 billion). Other collections, such as Solana Monkey Business, SolPunks, and Solarians, have also decreased by more than 50%.

There is only one NFT collection in Solana that has experienced a significant increase, namely Taiyo Robotics. This collection rose 1,051% in sales volume, to 13,581 US dollars (Rp213 million). This collection features futuristic robots made with 3D technology.