The Bold Badgers Squad is a collection of 10,000 unique NFTs on the Solana blockchain and traded on Solanart.
Each Bold Badger is randomly generated with a combination of traits and features of variable rarity including fur, outfit, headwear, and more.
The Bold Badgers were publicly minted on August 27, 2021 for 5 SOL each, and immediately sold out. It is one of the top iconic collections on Solanart, and its launch was one of the most hyped event on the young marketplace.
It currently ranks fourth on Solanart in total sales volume, with a total volume traded of 197.2K SOL.
The collection did very well on the Solanart marketplace at first, trading at an average price of 37.65 SOL on its first day, but saw a steady decline afterwards and sits at an average price of 3.54 SOL at print time (it is worth however mentioning that since August 27 SOL has more than doubled in price).
Despite these seemingly gloomy figures, there is definitely a case to rest for the Bold Badgers.
First, it’s not only them, but the whole NFT market that was hit by a severe market correction since end of August.
This correction was expected given the extreme August overheating which saw the largest NFT marketplace OpenSea record monthly volume figures of $3.3bn, overshadowing the volume for July of $325m by more than 900%.
Since the peak of late August, volumes have been down by 50% and more across the whole space, causing a sizeable decline of value everywhere.
Solanart was no exception, and many of its major collections saw a similar significant decrease in value, and even the SolPunks, although the first and most iconic collection on Solanart, are currently trading for an average price of 8.28 SOL, down from an average price of 55.43 SOL on August 31.
There is however reason to believe that the ongoing correction is coming to an end, as we saw top NFT collections steadily regaining value during the last days, with CryptoPunks trading now at an average price of 103 ETH, compared to 67.5 ETH on September 13th.
Bored Ape Yacht Club floor price fell to a low 32 ETH a few days ago, and has since reclaimed the 40 ETH support.
Almost all other top NFT collections on the ETH market are witnessing similar movements:
If the trend continues, this renewed influx of liquidity should also flow into the Solana NFT market, and into its market leader Solanart in particular.
In this case, renowned collections traded on Solanart (all selectively hand-picked by the Solanart team for their quality) with a track record of high past performance will be rewarded first, as capital seeks to accumulate at first in assets that it deems undervalued.
Bold Badgers Squad would fit rightly into this category thanks to its high past performance, market recognition and active community. Its current low entry price could make it a perfect pick for investors trying to get an exposure to the Solana market without paying a premium.
While the Solana NFT marketplace is still in shock after the technical failure it just went through, we should remember that these kinds of hiccups are to be expected along the road as the blockchain matures and scales up to accommodate an increasing number of users and transactions.
The Solana market is still very young and considerably smaller than the NFT market in ETH, and is expected to grow exponentially in the coming months as more and more users could leave the Ethereum blockchain and its insane fees.
If all this bullish pattern holds true, it is likely that Bold Badgers Squad would be one of the top collections to benefit from it.
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