The most recent within the lineup of star-studded celebrities to leap into the Solana house is NBA Corridor of Famer Shaquille O’Neal. The previous skilled basketball participant modified his Twitter profile name from Shaq.eth to Shaq.sol as a present of assist to the “Ethereum Killer”. The transfer hints at a doable collaboration with Solana’s main NFT market Magic Eden, although there isn’t any official affirmation on the time of writing.
Earlier in 2021, O’Neal grabbed headlines for getting concerned within the non-fungible token house. Final yr, he launched the SHAQ Provides Again NFT sequence, a assortment of 10,000 NFTs selling the star’s charity work. The gathering has since raised greater than $1 million in proceeds for Shaq’s charity, according to Shaq’s Twitter account.
The brand new developments additionally mirrored the expansion of the Solana NFT market which has exploded within the second half of 2021 and maintained its tempo into 2022 with a market cap simply in need of $1 billion and a 7-day quantity of $46 million. In truth, since the launch of the Metaplex protocol on the blockchain, cumulative distinctive NFT homeowners have surged from 28k to nearly 2.5 million of late.
NFT launches on Solana [SOL] have elevated at an amazing tempo
As per a report by Spencer Midday, the variety of NFT launches on Solana “has skyrocketed, with greater than 8 million whole NFTs being minted utilizing Metaplex.” Since final September, there’s been a major enhance within the variety of wallets with a couple of NFT, which not too long ago crossed 500k.
As famous within the report, Magic Eden is “a number one NFT market constructed on Solana, an ecosystem that facilitates excessive frequency, low-cost NFT buying and selling and not too long ago handed $1b in whole quantity.”
Compared to the world’s largest market OpenSea, the common each day transaction per consumer is 3 times larger on Magic Eden. The report additionally famous that the latter’s each day transactions have been at 2.5x OpenSea’s, with each initiatives seeing elevated transactions over the previous month.
Though OpenSea captures nearly 94% market share on Ethereum, Magic Eden has managed to climb to 86%, with different main initiatives being Solanart and Solsea. With cheaper transaction charges on Solana, Magic Eden continues “to see decrease common costs in comparison with OpenSea.”