The near collapse of FTX, the fourth-largest cryptocurrency exchange, may end Solana NFTs. For those that aren\u2019t aware, there\u2019s been a destructive situation between FTX and its competitor, Binance. It has unfortunately caused SOL to plummet over 40% in the last 24 hours and 50% in the last seven days! So, Sol is sitting at a price of $13.80, which is 94% below its all-time high of $351.96.<\/p>\n
How will this affect Solana NFTs, and why? Let\u2019s take a look.<\/p>\n The situation between the two exchanges is what caused SOL\u2019s massive decline, but where did it all start? For starters, it all started when Binance CEO Changpeng Zhao<\/a> tweeted that FTX was spreading rumours about Binance behind closed doors to the U.S. He then tweeted that he will be selling $2 billion in FTT tokens (FTX native token). It\u2019s worth noting that, unlike Bitcoin, FTT is liquid, which resulted in the CEO being able to own such a large amount of tokens. In other words, once he sold, it caused a major sell-off that made FTT plummet by\u00a063%. Sadly, this affected the whole crypto market.\u00a0FTX\u2019s Samuel-Bankman-Fried was viewed as someone who could assist crypto with regulatory approval.<\/p>\n SBF was a major investor in Solana and even called the cryptocurrency an \u201cEthereal killer.\u201d\u00a0In addition to the overall effect FTX\u2019s insolvency had on the market, there are ties between the exchange and Solana that must be mentioned. According to Coindesk, Alameda Research, Bankman-Fried\u2019s trading firm, had $1.1 billion worth of SOL on its balance sheet. That\u2019s over 10% of the solana supply. Evidently, investors are worried that Solana will lose all the investments that FTX was making.<\/p>\n Solana getting killed. Market realizing that @cz_binance<\/a> now owns 10% of the tokens and that he would rather support BNB chain than SOL. Also Solana just lost all the support and investment that FTX and @SBF_FTX<\/a> were making in the ecosystem.<\/p>\n \u2014 Ran Neuner (@cryptomanran) November 8, 2022<\/a><\/p>\n<\/blockquote>\n With all this pressure Solana is facing, it\u2019s hard to tell who will stay in the ecosystem. Will everyone jump ship or will the true builders remain and act as if nothing happened?\u00a0In short, we don\u2019t know what will happen to Solana NFTs in the coming days. This could possibly be one of the worst crypto disasters we\u2019ve ever seen so. Moreover, there are big players in the ecosystem, like Magic Eden, who are trying to keep members level-headed.<\/p>\n \ud83e\uddf51\/ Don’t get phased by the price action.<\/p>\n \u2013 1000s of builders building cool shit \u2014 Magic Eden \ud83e\ude84 (@MagicEden) November 9, 2022<\/a><\/p>\n<\/blockquote>\n Nonetheless, the community members are trying their best to stay afloat in the midst of this crazy price action. Many of them had some interesting things to say, including the @SolanaMBS NFT project.<\/p>\n how we supposed to bridge with solana tied to our name?<\/p>\n![\"FTX\"](\"https:\/\/nftevening.com\/wp-content\/uploads\/2022\/11\/shutterstock_2031236075-750x406-1.jpg.webp)
\n<\/picture>\n<\/noscript>Sol price plummet<\/strong><\/span><\/h2>\n
Ties between Solana and FTX<\/strong><\/span><\/h2>\n
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What does this mean for Solana NFTs? Will the outages ever stop?<\/strong><\/span><\/h2>\n
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\u2013 @solana<\/a> has the most active wallets on any chain
\u2013 @jump_firedancer<\/a> is creating a path to 600k+ TPS
\u2013 @googlecloud<\/a> becoming a solana validator
\u2013 Almost every event was jam packed at @SolanaConf<\/a> pic.twitter.com\/ENtZHlfYXj<\/a><\/p>\n\n