Deep Dive: Solana NFT Market - June 2024

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Solana NFT trading volume hit a two-year low of 451k SOL.

The number of wallets that traded NFTs declined 73% in June. Wallets have returned to pre-Tensor S3 farming levels, indicating that even farming hasn't added net new wallets to the market.

Magic Eden continues to dominate in June, commanding 69% of the entire market's trading volume.

June saw a 66% increase in wallets trading memecoins, the largest increase to date. An additional 8.7M wallets traded memecoins instead of NFTs, and the number of wallets trading NFTs continued to decline, widening the gap further.

Blue-chip NFTs are keeping the market afloat. 8 out of the top 10 collections in June saw an uptick from May, and the top 10 accounted for 81% of the month's volume.

Value continues to accrue to blue-chip NFTs. Amongst the top NFT collections, Mad Lads, Solana Monkey Business, and Tensorians all saw an increase in floor price in June.

The most active NFT traders focused almost exclusively on blue-chip collections. Mad Lads, Solana Monkey Business, Galactic Geckos, and Tensorians were the top buys for traders spending ≥1k SOL on NFTs in the last week of June. These traders were net holders, buying more than they sold.

NFTs on Solana are driving millions of monthly on-chain transactions. Compressed NFTs (cNFTs) have comprised more than half of all transfers since February.

cNFT minting has cooled off since its February peak. Since the start of the year, over 30M cNFTs have been minted and distributed to more than 2.5M wallets each month. cNFTs significantly reduce costs compared to regular NFTs, making them more accessible at scale.

DRiP Haus cNFT mints have seen a gradual increase over the last year. DRiP Haus has enabled artists to distribute millions of cNFTs, which is made possible only by the reduced costs of cNFTs.