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The NFT marketplace has taken some huge hits in Q2 of 2022. The bear phase was confirmed in May around the time of the Terra collapse when the crypto market began to fall. But recently there has been an uptick across major collections. However, not all collections are flying through this recovery period.
The Okay Bears NFT collection on Solana [SOL] is one that has tumbled across the past month. It is over 91% down in sales volume during this period while other collections on Solana are registering tremendous numbers.
There has been a sudden drop in both buyers and sellers of Okay Bears. The sales volume has dropped to $7,693,590 leaving the collection at #19 in the collection rankings. The fall from grace is well evident in the data chart below, courtesy of CryptoSlam.
Source: CryptoSlam
However, in the last 24 hours, the Okay Bears collection has seen a major increase in its sales. Clocking a 420% increase, the sales volume of the collection has ramped up to $409,130. Is this the turnaround that Solana NFT supporters have been waiting for?
Amid harsh market conditions, there has been a shake-up in the NFT market. While Ethereum continues to lead, Solana is stacked right behind it. A scanning tool, called SolScan, provided an update on the Solana NFT market.
1/ [#Solscan NFT’s Overview]
As we are inevitably entering a potential long-term bear market; while you can have some fun with current fuddings that certainly helps your mental health, it is essential for #Solscan users to have a broader view of where the space is headed. pic.twitter.com/1PEDo6l6tW
— Solscan🔍 (@solscanofficial) July 2, 2022
The Solana NFT ecosystem has a market cap of $3.5 billion with over 16 million NFTs minted. There are also over 120,000 unique NFT collections and over 3.6 million unique holders as well. The tweet also claims that “Only one-third of the total NFTs were listed on marketplaces.”
Source: Solscan
Despite the brunt of the market, May can be regarded as the best-selling month for Solana NFTs. The trading volume clocked at 4.9 million during the month along with two million freshly minted NFTs. Meanwhile, Magic Eden continues to dominate the Solana NFT marketplace. With a share of over 90%, Magic Eden had a $1.8 million market cap during May.
Source: Coinstats
Additionally, the tweet also complimented the Solana network’s performance with regard to their NFT sales.
12/ Solana’s seamless performance & the chain’s low gas fee have facilitated the generative nature of NFTs, creating a hassle-free environment where NFT producers can mint artsy & high utility collections.
Kudos to @Metaplex for their massive contribution to make this happen.
— Solscan🔍 (@solscanofficial) July 2, 2022
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Kanav is a journalist at AMBCrypto. He has a Masters in Media and International Conflict and is interested in areas of digital society, crypto developments in the political sphere and the socio-cultural impact of a crypto-society.
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