The Solana Foundation recently launched an initiative to encourage budding creators to build new NFT brands with real-world impacts, after the departure of two well-known NFT collections – Y00ts and DeGods – had a dampening effect on the network’s NFT landscape. Dubbed the ‘NFT Showdown,’ the foundation’s new pitch competition aims to improve the quality of NFT projects across entertainment, gaming, and fashion verticals and drive the growth of utility NFTs, with industry experts providing mentorship to contest winners. The move comes as Solana’s NFT trading activity continues to pick up, with a nearly 29% rise in the number of buyers and sellers over the last week, according to CryptoSlam data.
Solana is asserting its dominance in network activity when compared to other blockchain networks, logging over 571k daily active addresses and 25.5 million transactions over the last 24 hours. The network’s jump in activity is significantly higher than Ethereum and Polygon over the same period. However, the new developments in the Solana ecosystem failed to uplift the native token SOL, as its value dropped by 1.12% over the last 24 hours. Moreover, investors were not too keen to bet on the token as the weighted sentiment trended in negative territory, according to Santiment.
Solana’s new initiative attempts to address the sticky issue in the NFT space, where hundreds of NFT collections with soaring valuations have flooded the market. But rather than utility, reputation is primarily driving the value. Mad Lads has helped revive the Solana NFT landscape as a collection of 10,000 unique profile picture (PFP) NFTs. The NFT Showdown aims to encourage high quality NFT projects with real world utility to help drive the growth of utility NFTs in the Solana network.
In conclusion, the Solana Foundation’s NFT Showdown aims to encourage creators to build high quality NFT projects with real world utility, helping to bolster Solana’s NFT landscape after the departure of two well-known NFT collections. Solana’s network activity has been consistently high recently, with a surge in trading activity noted across the last week. However, SOL’s native token has not enjoyed a rise in value despite these developments in the Solana ecosystem.
According to https://ambcrypto.com/can-this-initiative-revamp-solanas-sol-nft-space-dampened-with-the-exit-of-y00ts-and-degods/
The material in this article is written on the basis of another article.