Non-fungible tokens, or NFTs, are making their mark on various blockchain ecosystems on the market. For example, Solana is a chain where prices for collections are skyrocketing, as are their price floors. Although it remains unclear if investors and speculators can sustain this trend for much longer, it may be worth taking a closer look at these collections.
It is always intriguing to see how people approach the concept of non-fungible tokens on different blockchains. Ethereum has set a powerful example of how much money such an industry can attract. It is now up to other ecosystems to attempt a similar outcome, although that will prove somewhat challenging. However, if Solana serves as an example, there are some exciting options to explore as a creator and speculator alike.
Although the number of Solana NFT collections is still somewhat limited, they are getting much attention. Part of that attention is due to the higher SOL value, although it is tricky to determine which aspect influenced the other. NFTs can trigger a SOL price increase, yet a higher price per SOL makes speculating on NFTs more appealing. Regardless of that aspect, the current Solana NFT projects are gaining momentum.
While Ethereum NFTs often sell for $1,000 or more, the average floor prices on Solana are on a different level. Per SolanaFloor, the Solana Monkey Business collection has a floor of 284 SOL, or $47,982. However, the average price is currently listed at 900 SOL, or $152,055. An intriguing spike for a collection that has under 2,000 holders. However, only 632 out of 5,000 NFTs are currently listed.
On the bottom end of the spectrum, there is Playground Waves. It also has under 20% of its available NFTs listed for sale, confirming that many investors see Solana NFTs as a long-term investment. It has a price floor of 36 SOL – worth $6,080 – and an average sale price of 158 SOL, or $26,686. A very intriguing turn of events, although it seems these NFT collections have a “healthier” distribution compared to those on other chains.
Scarcity For Listing Works
One thing all of the collections on Solana share is their limited availability. More specifically, no collection has more than 22% of its NFTs available for sale at this time. That is different from Ethereum, as collections are more liquid there. It makes one wonder why hodlers are not listing them for sale. Expecting a higher price point can be a driving factor, although it is too early to draw accurate conclusions.
Moreover, some of these Solana NFTs projects have a tremendous “total floor value”. Even the smallest project has a TFV of over $6 million, whereas Solana Monkey business achieves a TFV of $239.5 million. Very intriguing statistics that will bring more attention to Solana-based non-fungible tokens. It seems doubtful every collection will be this successful, but anything can happen in the NFT industry.
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