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    Onboarding with Solana NFTs

    It has been said that Solana NFTs have become a powerful onboarding tool into the Solana ecosystem. Is this narrative true? Which NFTs have captured the most first time users of the Solana blockchain? What kinds of activities do these wallets tend to do after buying their first NFT? Do you think the NFT growth on Solana will spill over into Defi?

    Introduction

    What is solana?

    Solana is a public blockchain platform with smart contract functionality. Its native cryptocurrency is SOL. Solana offers low fees and fast transaction times. Solana smart contracts are written in Rust rather than solinity.

    What is Magic Eden?

    Magic Eden is a decentralized application (dApp) built on the Solana blockchain. It allows users to create, buy, sell and manage non-fungible tokens (NFTs) on the blockchain current magic eden is the largets NTF marketplace on the Solana blockchain.

    What is OpenSea?

    OpenSea is the leading marketplace for non-fungible tokens. The platform lets users buy and sell NFTs on the secondary marketplace and also create their own NFT collections to sell on the primary marketplace.

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    Methodology

    • We will look at the new users to the solana blockchain and new NFt users on Solana.

    • We are looking to see what percent of solana users are join solana to interact with NFTs.

    Solana New User Metrics

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    Observations

    • Each day since December 2021 there is between 40K and 100K new solana users.

    • Each day there is between 1,000 and 5,000 new users buying NFTs on Solana.

    • Abount 2.5% - 10% of the new users on each day are mmedialty interacting with NFTs on Solana.

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    Observations

    • More than half of all the NFT volume from new NFT users on Solana comes from the top 3 collections.

    • Okay Bears has gained the lead amongst NFT collections on Solana.

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    Conclusion

    • Of the users that are joing solana to participate in the NFT Ecosystem 97% of the are puchasing NFTs that cost under 10 SOL

    • More than half of all the NFT volume from new NFT users on Solana comes from the top 3 collections.

    • Each day there is between 1,000 and 5,000 new users buying NFTs on Solana.

    • Abount 2.5% - 10% of the new users on each day are mmedialty interacting with NFTs on Solana.