CJ - Cryptocurrency Enthusiast
The expansion of the Solana non-fungible tokens (NFTs) ecosystem may indicate a potential uptick in Solana (SOL) bullishness. In spite of the cross-crypto market price collapse in 2022, the Solana NFT market ecosystem has experienced an explosion in activity.
The cryptocurrency market intelligence platform Messari notes in its "State of Solana Q3 2022" report that there are now more than 8 million daily fresh NFTs in the Solana ecosystem. This was a rise of 19.3 percent from Q2, which itself experienced an increase of 46.5 percent.
The price of the Solana ecosystem's native token, SOL, has been a pain issue since it significantly fell during Q4, even if the NFT crypto market growth has been growing steadily.
Investors have been anxious about how the potential sale of the tokens by the insolvent FTX company would affect the price of SOL. Analysts have cautioned that the crypto assets may not be liquidated any time soon because Alameda and FTX are undergoing lengthy bankruptcy proceedings. The tokens are similarly vested and are planned to be unlocked progressively.