y00ts NFT Collection Drives Solana Trading Volume To a 4-Month High

According to Solana’s recent statistics, the general interest in the blockchain’s NFTs is not slowing down.

The Block Research statistics show that on September 6, trading volume across Solana-based NFT platforms like Magic Eden and Metaplex hit $115 million, which is the highest level since May. On September 7, 300,000 new NFTs were produced on the Solana blockchain, a sharp rise over the 39,000 NFTs produced on September 4.

The most well-known NFT marketplace in Solana, Magic Eden, also saw an increase in market share, going from 12% at the beginning of the month to 36.6% as of September 7.

Solana Reaches 1 Million Weekly Transactions

Solana recently saw a significant spike in weekly transactions.

Pushed by NFTs like Magic Elden and the blockchain’s new star, y00ts, Solana reached the milestone of over 1 million weekly transactions on its platform.

To put it into perspective what a significant leap that was, Solana usually averages around 300 thousand weekly transactions, with occasional spikes going from 500k to 700k transactions per week.

y00ts – Solana’s New Hype NFT

Despite the fact that Ethereum is the most popular blockchain for NFTs and is home to prestigious collections like Bored Ape Yacht Club and Cryptopunks, the most popular collection over the past seven days was the Solana-based y00ts mint t00b.

The collection had more than $10.5 million in trading volume.

The y00ts collection floor price, or the lowest price for a single NFT in a collection, was 131 SOL, or around $4,949, as of Wednesday.

Dust Labs, the tech startup connected to both the y00ts NFT collection and the most expensive DeGods NFT collection owned by Solana Ventures, said last week that it had collected $7 million from a number of well-known investors, including FTX Ventures and Solana Ventures.

Blockchain Updates

The bad rep regarding Solana was due to the blockchain having issues with outages and timeouts in its blockchain. However, after recent updates by Solana Labs, the blockchain appear to be able to host a large number of users at the same time.

Recent tests have shown that the network can now process over 14000 transactions per second. The bulk of other large blockchains, by contrast, only process less than 1000 transactions per second.

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