Solana Memecoin NFTs Breathe New Life into Stagnant Market
2024 hasn’t been easy for Solana NFTs, but an emerging trend has reignited hope within the sector.
Solana’s languishing NFT market has endured a brutal year, with traders sitting on the sidelines watching the rest of the ecosystem push to new heights.
Throughout 2024, memecoins have attracted the bulk of Solana’s onchain trading volume and attention, with many network participants believing NFTs will never come back.
However, new market trends suggest that memecoins might be expecting a helping hand to Solana’s stale NFT market and offering a lifeline back into the limelight.
1/1 Memecoin NFTs Fetching High Prices
Memecoin NFTs are making waves on secondary markets, attracting big ticket sales normally witnessed at the peak of an NFT run.
On November 12, a collector purchased a ‘The Pond’ NFT on Tensor for 260 $SOL, currently valued at over $57,000. Created by Groowut, the artist behind the $FWOG memecoin, this 1/1 collection aims to distribute 100 unique FWOG pfps among the community.
Beyond $FWOG and The Pond, $BUU NFTs have also witnessed a flurry of activity. Similar to ‘The Pond’, these 1/1 $BUU-inspired NFTs have attracted 215 SOL in trading volume over the past 24 hours and currently sit at a floor price of 48.65 SOL.
However, while explosions of trading activity and high floor prices have NFT enthusiasts excited, traders are still unconvinced.
Social media commentators were quick to point out that only one FWOG pfp from ‘The Pond’ collection has been sold on secondary markets. NFT collections are typically required to see more consistent trading volume at these prices before finding their true market value.
FWOG NFT Raffles Collect $70k+ in $FWOG
Of 100 total expected pieces, there are currently 89 ‘The Pond’ in circulation. Groowut, FWOG’s creator, periodically releases new pieces and lists them as raffles on Truffle.wtf, with tickets priced at 50 $FWOG per entry
The collection’s most recent raffle, ‘The Pond #89’ amassed 2,633 tickets, equating to 131,650 $FWOG valued at over $70,000. The next raffle, ‘The Pond #90’, is scheduled to launch at 3 PM UTC on November 12.
SolanaFloor engaged Groowut for further details on what collected $FWOG tokens would be used for. At press time, Groowut was unavailable for comment.
Tensor Teases New Product
Amidst the excitement, Solana’s favorite NFT marketplace is gearing up for the upcoming launch of its new product.
In a recent post, Tensor hinted that its next platform, vector.fun, would be launching soon. To raise awareness for the impending launch, Tensor community members across the Solana ecosystem have begun blue-washing their 𝕏 account profile pictures.
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