Tuesday, October 4, 2022
Crypto

What’s Hot on Solana? Nansen Adds Analytics Data for 53,000 NFT Collections


In brief

Crypto analytics platform Nansen has integrated Solana NFTs into its platform.
Nansen tracks more than 53,000 Solana NFT projects now, along with projects on other platforms.

Nansen, a blockchain analytics platform used by traders in the NFT and DeFimarkets, announced today that it has fully integrated Solana, launching a series of dashboards and features that provide analysis into its rising NFT market.

The firm first revealed its plans for Solana last November, with intentions to launch the capabilities in Q1 2022. Ultimately, Nansen began rolling out support in April with some integrations for DeFi protocols, the sort that enable non-custodial trading, borrowing, and lending of crypto assets without third-party intermediaries. Now, Nansen has implemented in-depth Solana NFT functionality.

Nansen provides an array of dashboards and tools for analyzing crypto market trends. The firm’s wallet labeling service identifies key traders across the NFT and DeFi markets, providing other users a look at their activity through features such as “smart money” leaderboards.

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It also offers a look at trending NFT collections and marketplaces, and has become a favorite of some Ethereum NFT traders. Now Solana traders can tap into the same kinds of data, with Nansen’s dashboards covering more than 53,000 NFT collections on the blockchain platform.

Some of Nansen’s dashboards are provided free to users who sign up for its Nansen Lite service, while other features require a paid subscription.

Nansen also recently launched a Web3 messenger service called Nansen Connect, which is designed for crypto and NFT communities to chat and exchange encrypted direct messages. The firm most recently raised a $75 million Series B funding round last December.

An NFT is a blockchain token that serves as a deed of ownership, often for digital goods like artwork and collectibles. Ethereum is the leading NFT ecosystem by far, with Solana a distant second in terms of trading volume.

However, some popular Solana NFT collections—like Okay Bears and Trippin’ Ape Tribe—have gained significant traction in the last couple of months, even beating popular Ethereum projects in terms of trading volume within a 24-hour period.

Established marketplaces like OpenSea and Rarible have added support for Solana NFTs in recent months, although top Solana marketplace Magic Eden—which is now valued at $1.6 billion—has thus far remained dominant in the Solana space.

NFTs exploded in popularity in 2021, generating some $25 billion worth of trading volume, and continued apace into 2022 ahead of the recent and ongoing crypto market crash. Collectibles are still trading, with leading marketplace OpenSea registering near-identical numbers of Ethereum NFTs sold in May and June, but at vastly lower USD prices, given the sinking price of crypto assets such as ETH.

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