Despite the crypto downturn during the second quarter of 2022, Solana showed strong development. The SOL token, however, plummeted over 64% from its all-time high of $258.93. Despite the downturn across the entire market, it retained users and activity from the previous period.
The network has recently received some updates from Solscan. It received daily active addresses after the ATH in November 2021, which is surprising. Furthermore, it also has been attracting new users from the blockchain industry since November 2013. Unique addresses increased over time and exceeded the 850k mark on July 14. It has not only retained its old users but also attracted new ones.
Solana has done well in terms of user retention when compared to other Layer-1 chains. This is often due to its developing ecosystem, which has dramatically improved in recent months.
Tomorrowland
Users have even more reasons to rejoice during this time of solace. The network will launch the Tomorrowland NFT collection. If you haven't heard, it is one of the world's largest music festivals. "The Reflection of Love" collection seeks to bridge the gap between Web2 and Web3. "It enables holders to exchange their NFTs into an in-real-life utility with inherent financial and social value," according to a tweet.
A user can create a medallion by purchasing one NFT from each of Tomorrowland's collections. The medallion then grants the user lifetime access to an "exclusive" member list for all future ticket drops.
Solana NFT Space
NFT market continues to struggle behind the might of Ethereum's grip on NFT blockchains. However, the fortunes have improved by 6.28 percent in the last week. Much of this can be attributed to the overall recovery of the NFT markets.
On the other hand, Ethereum continues to dominate NFT markets with a slew of major collections such as BAYC, CryptoPunks, and Otherdeed. Solana had only four participants in the top 50 NFTs by sales volume in the previous week. It will be interesting to see how this project performs following its most recent launch.
Source: https://ambcrypto.com/solana-reasons-why-sol-holders-can-celebrate-over-the-weekend/
Author: Kanav Jain
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