Solana to Boost NFT Trade Volumes with Royalty Enforcement Upgrade

• Metaplex announced a new upgrade for Solana NFTs that will enable creators to enforce royalties.
• This move may make Solana more appealing to NFT creators in 2023, which could lead to an increase in NFT trade volumes.
• Solana’s NFT trade volumes have been affected by the bearish market conditions, with a slight uptick in the last five days of December.

The blockchain platform Solana is paving the way for higher demand for its Non-Fungible Tokens (NFTs) in 2023. This is thanks to a recent announcement from its NFT platform Metaplex, which revealed a new upgrade that will allow creators to enforce royalties.

This could be an exciting development for Solana, as it could make the blockchain more appealing to NFT creators in the coming year. This could result in an increase in NFT trade volumes, something that Solana’s been desperately hoping for. The network’s NFT trade volumes were severely affected by the bearish market conditions, with a slight uptick in the last five days of December.

Metaplex’s announcement means that NFT creators will be able to upgrade existing collections from 6 January, and enable royalties enforcement. This will allow creators to earn a share of the profits every time an NFT created finds a new buyer. Furthermore, Metaplex is exploring the possibility of introducing optional rule sets for royalties.

This could be an attractive proposition for NFT creators, as it will allow them to earn more from their creations. This could be the incentive needed to encourage more creators to adopt the Solana blockchain as their go-to network for deploying their NFTs.

As such, SOL investors should keep a close eye on indicators to check for selling opportunities. Things might be about to get a lot more interesting for Solana [SOL] and its NFTs in 2023, so investors should be prepared to take advantage of potential market opportunities.

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