The NFT and crypto markets have experienced a turbulent ride in recent years, impacting both investors and innovations. While the crypto space continues to flourish despite the extended bear market, the non-fungible token market has not fared as well.
A member of the crypto community on X (formerly known as Twitter) recently shared their NFT losses in a tweet. The tweet reveals that the user had accumulated Solana-based NFTs in a Ledger wallet during a bull market. However, the wallet was lost for a period of time. Upon regaining access to the wallet, the user discovered that the majority of the NFTs in that particular wallet were worthless.
The user, who goes by the name CryptoAnglio, stated that the total value of the wallet was “worth 100k in a bull market.”
It is possible that this loss was a result of a rug pull, which is a type of crypto scam where a project attracts investors with false promises and then disappears with their funds, leaving investors with nothing.
CryptoAnglio believes that the NFT projects in which they invested were rug pulls, and they advised other investors to be cautious about the NFTs they hold for the long term.
Despite the downturns in the Solana NFT space since the downfall of FTX last year, the community has managed to navigate the market. Despite the departure of leading NFT projects like DeGods and y00ts, the blockchain’s NFT ecosystem has shown promising metrics.
For instance, an analysis conducted in July revealed that the Solana network accounted for only 1.6% of wash or fake trades, which is significantly lower than Ethereum’s 60% and Bitcoin’s 34% wash trades.
Currently, the Solana NFT ecosystem is thriving. According to the blockchain explorer Solscan, the network’s NFT market has seen a significant increase of 45.33% in the last 24 hours, with a trade volume of 43,712.97 SOL. Additionally, there has been a 4.24% increase in active wallet addresses.
Tags:
NFTs
Solana
