Solana gets its game face on, could it be ready to launch into the GameFi industry

Is Solana nonetheless the shining solar within the sky and Ethereum killer it was prophesied to be? Nobody is aware of for certain however a brand new partnership and a few metrics reveal the most recent particulars.

Know your value

After months of swimming within the purple, the ninth greatest crypto by market cap crossed the psychological value of $100 and was buying and selling at $100.29 at press time. This got here after SOL rallied by 9.78% within the final 24 hours, and elevated by 15.22% within the final week. A powerful present, one should admit, even when a number of different alts have stepped in entrance of it.

However in case you are in search of an even bigger milestone, have a peek on the complete NFT commerce quantity in USD. Whereas SOL’s value could also be a good distance from its $240+ highs, the business has been seeing an uptick in NFT commerce quantity, and this metric struck its new all time excessive on 15 March, with a quantity of $324.79 million. It appears Solana is getting into the NFT-based recreation business at an opportune second.

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Supply: Santiment

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Get your recreation face on

Whereas extra consistency is required if Solana needs to usurp Ethereum within the NFT sector, Solana co-founder Anatoly Yakovenko made it clear that he was (pleasantly) shocked by the multiple million Solana customers with NFTs of their wallets.

So, why is that this vital? To refresh your reminiscence, Solana Labs and KRAFTON, Inc. – of PUBG: BATTLEGROUNDS fame – recently announced that they’d signed an settlement “for the event and operation of blockchain- and NFT-based video games and companies.”

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As Solana diversifies its presence and makes an attempt to bridge Web2 and Web3 instruments and sure, leisure, NFTs are prone to play a significant position in community adoption. For that cause, these attempting to chart out Solana’s trajectory also needs to preserve their eyes peeled for each NFT and GameFi-related updates.

What’s extra, the principle query right here is whether or not or not a push into the NFT-based GameFi business might take Solana again to being Ethereum’s primary rival.

To that finish, let’s have a look at improvement exercise to see how a lot constructing is happening within the Solana ecosystem.

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Supply: Santiment

The reality? Yakovenko would possibly dream of thousands of developers and 100 million users on Solana, however improvement exercise has been dropping all through 2022. Whereas the metric may not be as little as it was in late October, the downtrend is sort of unimaginable to disclaim. Total, this isn’t an indication of wholesome, long run progress.

Lastly, regardless of the excessive profile announcement and SOL’s restoration, it’s value noting that weighted sentiment for Solana was nonetheless in destructive territory.

It appears the coin must do extra earlier than buyers resolve to board the hype practice once more.

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Supply: Santiment

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