Solana is home to a vibrant ecosystem of independent projects looking to bring value to the community of investors and contributors. This week, 3 projects launched on Solana that revitalized the ecosystem.
On March 15th the number of addresses trading over doubled compared to the previous day, marking a local high that hasn't been broken since February 18th for active traders.
Additionally, the volume of funds being traded over tripled in the same one day period amassing over 180,000 SOL in volume (approximately $4.1 million). Solana NFT volume has not reached that high since January 18th, after the Bonk craze, potentially signaling a new wave of buyers for these recently launched collections.
Let's dive into the projects that launched.
A collection surrounding lore, The Bastards minted at 2.88 SOL on March 16. They're currently trading at 10.8 SOL; a 3.75x from mint. While it's not entirely clear what they are building, their Twitter attests to surrounding the collection with sensual animation, scuffed storytelling, and deranged-universe building.
The Bastards started off the mini bull run for Solana NFTs, and these other collections followed.
Most notably, the NFT collection Oogy minted on March 17th at a price of 5 SOL. At the time of writing, it is trading above 25 SOL; a 5x in a matter of 5 days. The collection seeks to tie high quality art with valuable software products, capturing audiences that are in NFTs to collect for the art/lore as well as those trying to invest in technology.
Another collection that mint is Wolf Capital. Aspiring to gamify lending for sustainable for NFT holders, as well as aggregating lending providers and providing lending analytics, the new collection appears to be targeting Frakt and SharkyFi market share.
By tying their appreciation of pixel art to their collection, art collectors who buy collections for the art is also in their target audience. The collection minted at a price of 4 SOL on March 17th, and is currently trading above 6.5 SOL; a 1.62x from mint.
These three mints spanning across two days revitalized the Solana NFT ecosystem, as it was constantly trending lower in volume and activity. Whether it is sustained depends on the projects to launch and the ones currently on to continue to deliver high quality products and entertainment for their holders to keep them engaged. However, Solana summer may be just around the corner if the Twitter rumours are correct.