Introduction

NFT is a growing market across blockchains. On Solana, a number of marketplaces specialized in minting, and sales of NFTs have been launched such as MagicEden, Solanart, and Solport.

The question is what is the status of NFT market on Solana and to what extent it can be expanded.

Analysis

The graph below shows the distribution of all Solana NFT sales on Solana. We can see that the majority of NFTs have been sold under one Sol. We can see also the tiny share of NFTs have been sold higher than 100 SOL.

As donutchart below shows the percentage of all sales have been above 1, 5, 10, 50 and 100 SOL.

As can be seen about 43% of all sales have been above 1% and only 3% have been above 10 SOL.

Using the box below, we can see how many unique wallets have made a NFT purchase that was above 1, 5, 10, 50 and 100 SOL.

In total 51K unique wallets have made a NFT purchase that was above 10 SOL and only 3190 wallets have made a NFT purchase that was above 100 SOL.

The barchart below shows the distribution of wallets by the price of NFTs that they have minted. As can be seen the majority of wallets have minted NFTs sold less than 5 SOL.

Discussion

The data shows that the majority of NFTs on Solana has been sold below 5 SOL and the majority of wallets involved in minting NFTs less than 5 SOL.

The question is is there a limit to how high a floor for a NFT collection on Solana can reach compared to on Ethereum.

To answer this we should have a look at the major collections on Ethereum and their floor price. As an example the floor price of Moonbirds collection is 27ETH.

The data shows that about 3,5% of NFT have been sold above this price in the past 30 days.

Looking at the NFT sales price on Solana, we can see that above this price almost zero% (32 NFT) of NFT have been sold.

The price for the same percentage of 3,5% is 10 SOL. In other words, if a floor price of a collection on Solana is 10SOL then 3,5% of the sales will be sold above this price.