Solana Blockchain’s NFT sales fell 50% in October after a strong September, driven by y00ts, the initial launch of the Profile Picture Project (PFP). But if today’s early trading is a sign after a late 100-year-old art piece is released, November could return to strong activity.
According to Tiexo data, the trading volume of Solana-issued NFTs was approximately 229,000 SOL across the market in the last 24 hours, up 170% compared to the previous period. Over 7.5 million dollars.
Much of this deal revolves around y00ts, the sequel to the popular DeGods project on Solana. y00ts’ collection spans over 15,000 unique profile pictures, each with a mix of different design themes. The project launched an NFT called y00ts mint t00bs in early September after a whitelisting campaign attracting celebrities and influencers.
Each t00b NFT can be burned (or permanently destroyed) for an actual PFP NFT. The process was originally scheduled to begin shortly after publication in September, but DeLabs, an inventor led by Frank who goes by the pseudonym DeGods, decided to scrap all existing artwork and start working on it, which was delayed by about two months.
Finally, this morning y00ts started the process of exchanging t00bs for Y00ts NFTs, exposing the artwork and transferring the secondary volume in the process. The t00bs and y00ts unmasked avatars are currently in high demand, according to data tracked by Solana’s top market, Magic Eden.
People say the NFT project is not about art.
We think they are wrong. pic.twitter.com/mWhBMh06nM
— y00ts (@y00tsNFT) November 4, 2022
Secondary sales of y00ts mint t00bs have increased by 496% in the last 24 hours, with 74,000 SOL (about $2.46 million) traded to date. The cheapest t00b NFT on the market is about 100 SOL or about $3300.
Meanwhile, the profile picture published on the y00ts t00b has outperformed high volume trading since launch this morning, with around 78,000 SOL ($2.6 million) trading so far. The cheapest y00ts NFT available is 72 SOL (about $2400).
NFTs are blockchain tokens that represent ownership of unique elements. In this case, a unique profile picture with a unique visual element. Other NFT use cases include artwork, collectibles, event tickets, souvenirs, and interactive video game items.
Data from DappRadar showed that Solana NFT trading declined overall in October. Data from DappRadar reports membership transactions of $67 million compared to $134 million in the previous month. It is worth noting that DappRadar’s figures remove laundered transactions, i.e. transactions made between users’ own wallets with inflated prices to manipulate market data.
Apart from sluggish activity since September’s issuance and potential increase in NFT’s competition on the new blockchain platform Aptos, in October, the market will completely ignore creators’ royalties or make them an option for traders to pay for the Solana space. Emotions seemed to subside. .
Magic Eden initially opposed it, but changed its direction as its market share declined due to royalty-avoidant competitors. Producers typically set a commission of 5% to 10% of the selling price when reselling NFTs. After the royalty change, Magic Eden regained its former market share. According to Tiexo, the market has processed about 93% of Solana’s volume in the last 24 hours.
Amid this market movement last month, DeLabs reduced creator ownership to both DeGods and the y00ts mint t00bs NFT to zero, and plans to do the same with the final one-day NFT. The team suggests that there’s no point in setting up royalties if the series can’t be billed, describing it as the “next try” of a project around it.
Eventually DeLabs changed course for 000ts. NFT holds a 3.33% stake in the creator. However, the studio has suggested that it will not penalize or in any way restrict buyers who buy in markets that do not respect royalties. This is an idea that Frank previously discussed.
The project tweeted that “there will be no enforcement unless royalties are paid”.