Solana NFT trading volume is the highest since May.

Move beyond Ethereum—Solana NFTs are having a moment.

Trading volume at Solana-based NFT marketplaces such as Magic Eden and Metaplex reached $115 million on Sept. 6—the highest since May, according to data from The Block Research. New NFTs created on the Solana blockchain jumped to 300,000 on September 7th, a significant increase from the 39,000 NFTs registered on September 4th.

Magic Eden, the most popular Solana-based NFT marketplace, also increased its market share to 36.6% of the total NFT market from 12% at the beginning of the month.

The jump in activity on the Solana blockchain comes as an unusual bright spot amid the broader NFT market, which has been on the decline in recent months. The monthly trading volume of ether’s most popular NFT marketplace, OpenSea, decreased by 62% from May to July and decreased further in August, according to crypto-tracking platform Dune Analytics.

Although Ethereum is the most popular blockchain for NFTs and hosts blue-chip collections such as Bored Ape Yacht Club and Cryptopunks, the most popular collection in the last seven days is Solana-based y00ts mint t00b, with more than $10.5 million in trade. According to DappRadar data. Last week, y00ts outperformed both the most popular NFT aggregator, Bored Up Yacht Club, and Ethereum Name Service, which showed its own recent trade.

According to NFT marketplace collector Hyperspace, the y00ts’ floor price, or the lowest price for a single NFT in the collection, was 131 SOL, or about $4,949 USD.

Dusty Labs, a tech startup associated with both the y00ts NFT collection and the most valuable Solana NFT collection, DeGods; He announced that he had collected 7 million dollars in the past Week from several top investors including FTX Ventures and Solana Ventures.

The rise of NFTs on Solana comes after the network experienced problems with long latency. In June, the blockchain was shut down for more than four hours after validators on the network were unable to reach consensus, meaning new transactions could not be registered on the blockchain.

Still, the price is one of the biggest attractions for trading on the Solana blockchain. Because Solana uses proof-of-stake, rather than proof-of-work, fees are typically lower compared to Ethereum. At Metaplex, a popular NFT marketplace on Solana, the cost of producing an NFT is about 30 cents, according to The Block. Magic Eden does not charge any fees except 2% for trading.

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