The highly anticipated Solana NFTs are finally live on Nansen and here’s a quick overview of how you can use it to spot various opportunities. For an in-depth coverage of the Solana NFT ecosystem, head to our recent 101 report for more information!
NFT Paradise
The 24H NFT Market Overview provides a quick rundown of the top projects for the day. Projects that dominate the volume are often new projects that are garnering more attention from market participants at that point - such as Sphynx and Primates.
Filtering by market cap would give an overview of the established projects that have been around for a period of time - such as DeGods, Shadowy Super Coder and Solana Monkey Business.
NFT God Mode
Zooming into DeGods on NFT God Mode, we can see that the overall volume has decreased significantly from April. Meanwhile, the floor price of DeGods has been holding up relatively well with some healthy price corrections along the way. This could signal that most holders are holding onto the NFT despite market conditions.
Looking at individual transactions, we can also see that there is demand for rare DeGods/DeadGods as seen from the numerous dots trending above the sales floor line. DeadGods are transcended DeGods that earn 3x more $DUST as compared to DeGods. $DUST is proving to be high in demand with the recent halving, especially with the upcoming y00ts mint.
Note: Smart Money labels are not yet supported for Solana at the time of writing.
Looking at the ‘Hodlers’ section, the profit leaderboard shows the wallets that made the largest amount of realized profits on DeGods. Given that DeGods had a parabolic run - from a floor price of 4 SOL in January to a high of 400 SOL in June, we can use the data to identify wallets who were early buyers and sold at high prices.
Top profitable wallets such as “fv3…jj8Eo” and “5K3…T7zPL” acquired DeGods at an average of 3 SOL and sold the NFTs for significant profits of 12,111% and 11,945% respectively. These wallets could be worth looking into using ‘Wallet Profiler’ as they were able to identify a good project and had the conviction to hold through for several months. From there, we will be able to see the wallet’s holdings as well as historical NFT activity on different collections.
Mint Master
Minting Leaderboard
The mint master tool is a good way to keep track of newly minted/ minting collections. Since the Solana NFT space is still relatively nascent compared to the Ethereum ecosystem, there is still a large untapped market and opportunities that we have yet to uncover. Staying on top of mints can provide users with more time to perform due-diligence on projects of interest.
The minting leaderboard can help users identify the key players who have made a significant amount of $SOL flipping Solana NFTs.
Trends
Market Trends
Market trends provide an overview of overall activity in the ecosystem. These trends could be used to analyze growth in separate aspects of the ecosystem, which could be helpful in understanding current activity.
Looking at volume per week, we can see that volume has been dropping off after the peak in May. Magic Eden continues to be the dominant marketplace on Solana, capturing over 80% of volume this week. Number of users has fallen from the peak, but it remains near the range of February levels when market conditions were slightly better. Transactions have seen a general uptrend, with recent numbers being largely attributed to mints.
User Activity
User activity provides deeper insights into the action of users in the ecosystem. Based on the data shown, it shows that more wallets are buying than selling - which could be a good sign of continued interest despite the market downturn.
From the data on buyers, it shows that first time buyers have decreased since its high in February 2022, signaling that lesser new users are being onboarded. However, returning buyers have seen a general uptrend in the last few months, signaling that users are not leaving the ecosystem - which is a positive sign.
