Solana NFT Prices are Defying Crypto Winter. Here’s Why

Ethereum and Solana are leading the top NFT collections across protocols, showing resilience in the winter slowdown that the rest of the market is witnessing.

According to DappRadar, y00ts and DeGods’ digital collectives top the NFT collection list on Solana. Notably, marketplaces like OpenSea and Magic Eden are leading the way on the network. The most popular collections in the past day were also the network’s LILY and y00ts collectibles.

Chris Burniske, the co-founder of crypto venture firm Placeholder, took to Twitter to point out the current uptrend in terms of sales.

#NFT buyers @ethereum & @solana dgaf, fascinating pic.twitter.com/ANOcG6j5xc

— Chris Burniske (@cburniske) November 21, 2022

New Launches Continue

Despite the market weakness, traditional marketplace Sotheby’s digital vertical has also launched the NFT sale of Pudgy Penguins. The platform recognizes the sales volume of the collection, stating that “Generating over $200M in trade volume, the brand IP of the Penguins has proven to catch the hearts of many with its positive ethos and cute appearance.”

Additionally, the auction will introduce the Soulbound token (SBT) project, a non-transferable token for the wallet, within the Pudgy Penguins ecosystem.

Bringing a Web3 twist to the traditional auction, we’re proud to enter the world of digital fine art with @Sothebys.

From auctioning Cole’s Penguin to launching Sotheby’s first-ever SBT, this auction is full of surprises & Web3 history.

LIVE AUCTION: https://t.co/wXs7rVtSBA pic.twitter.com/f3J6q5z7D0

— Pudgy Penguins (@pudgypenguins) November 18, 2022

The FTX Aftermath

Interestingly, in the aftermath of the FTX collapse, Solana seems to be fighting the slowdown. The Solana blue chip NFT floor price has continued to spike in the last 30 days. At the time of writing, SF NFT Index is up 5% in the last 24 hours.

Source: Solana (SOL

Meanwhile, as per on-chain analyst Decentrader, Pudgy Penguins is also pulling a decent performance in the green, beating the broader downturn.

1/ While the wider market is struggling, @pudgypenguins are now trending bullish (green) on the latest NFT King candles.

Likely, in part, due to the Sotherby’s announcement.@DefiIgnas,@iamjugger,@JoeyMooose,@Mr__Gollum@The_Bogfather,@OnlyShauns,@edison0xyz pic.twitter.com/J6sUM9q3Nv

— Decentrader (@decentrader) November 21, 2022

Solana is currently the 11th largest decentralized chain on DefiLlama with a total value locked (TVL) of $285.24 million while supporting 89 protocols. Despite witnessing a plunge in the TVL, the chain’s new node version 1.13.5 as part of its recent upgrade comes as a piece of good news.

It was executed last week according to the co-founder of Solana Labs, Anatoly Yakovenko. The upgrade is set to increase the current validator base to avoid shutdowns that have haunted the network in the past.

.@solana upgradoooors! 1.13.5 had udp off. It’s sooo good https://t.co/4m80QsdonO

— toly (@aeyakovenko) November 19, 2022

At press time, SOL has a 24-hour trading range of $11.68 and $13.15. It has lost 10% of its value in the last week.

The post Solana NFT Prices are Defying Crypto Winter. Here’s Why appeared first on BeInCrypto.

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