It's not uncommon to see sellers of a blockchain-enabled marketplace outnumber the buyers. But when the sellers outnumber the buyers, prices can change quickly. For NFTs on Solana, the days of selling seem to be here.
Solana NFT Sellers Surged 170%
For sellers on the Solana NFT platform, May was a big month.
The number of unique NFT sellers surged 170% over the last 30 days, reaching a new all-time high of more than 1 million before June.
Compared to this new record, the number of NFT sellers on Solana only hit less than 400,000 in April, according to data tracker CryptoSlam.
While the seller base is on the rise, the number of buyers is only around 162,000. It's clear that the sellers are outpacing the unique buyers on Solana. In general, the match ratio is now 1:6 - six sellers for one buyer.
Recent data published by CryptoSlam also showed that the number of transactions that took place on the network in May reached a new all-time high, hitting a total of 1,087,885 transactions.
However, transaction activity on the blockchain has experienced a precipitous dip, and it has currently stabilized at approximately $250 million.
NFTs Could Be Coming Off The Heat
On May 26, CryptoSlam reported that NFT transaction volume on the Solana blockchain surpassed that on Ethereum.
That was explained largely by the launch of the Trippin' Ape Tribe collection on Magic Eden. Trippin' Ape Tribe is the Solana-version of Bored Ape Yacht Club - the well-known collection powered by Ethereum.
The NFT set features 10,000 uniquely designed apes illustrations, and the sales have skyrocketed since May 24.
The NFT Trippin' Ape Tribe suite alone brought in more than $14.5 million in revenue, accounting for nearly 60% of the total NFT trading volume on Solana.
This makes Trippin' Ape Tribe the most popular project and beats all other Ethereum and Solana projects at the time of launch. However, the sales are on decline at the press time, according to OpenSea's rankings.
A Fast Platform
Due to NFT mint methods, the NFT market on Solana recently encountered some issues.
As a result, bots designed to participate in NFT mints triggered a surge in transactions, resulting in problems and unexpected shutdowns.
Despite the fact that Solana is showing signals of growth and that NFT projects based on Solana are demonstrating undeniable efforts, the NFT market on Ethereum is still valued at a considerably higher level overall.
Solana might easily grab the lead for a short while, but as the hoopla wears off, Ethereum remains the unquestionable king.
June Could Be Different
One thing to take away from the fact that there are more sellers than buyers on the blockchain is that more NFT developers and sellers have chosen Solana to build the business, which indicates that investors now have a higher level of interest in the blockchain.
With the development of NFT projects established in the ecosystem, the blockchain has garnered a lot of attention in recent times.
Because of its well-developed ecosystem, money flows into the NFT, which is one of the grounds for the expansion of Solana NFTs.
The NFT mania is gaining popularity on Ethereum, but it is also spreading to Solana.
Many new collectible NFTs have emerged in recent years. Because of the exceptional quality of the art and the robust community, these NFTs have drawn a large amount of funding, and projects such as Okay Bears and Trippin' Ape Tribe are now considered milestones for NFT on Solana.
The total market value hit $2 billion, and trading volume grew dramatically.
While the top NFT marketplace, OpenSea, has already integrated Solana NFT, Magic Eden remains Solana's premier NFT marketplace, with hundreds of collectibles, Magic DAOs, Launchpad platforms, and more.
On the other hand, a dip in unique buyers could be an indication that demand is decreasing and supply is increasing.
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