Writing on the Wall for NFTs as Solsniper Sunsets "Unsustainable" Marketplace

In yet another devastating blow for Solana’s NFT ecosystem, Solsniper has announced the immediate closure and unwind of all NFT-related services.

With NFT trading volumes hitting lows not seen since 2023, it appears NFT-based businesses are struggling to make ends meet.

Meanwhile, the native assets of NFT-based products continue their downward spiral into irrelevance.

Solsniper Calls it Quits on NFT Services

Solsniper, a popular NFT marketplace and analytics platform, has announced the immediate shutdown of all NFT-related products. After over three and a half years of servicing Solana’s devout NFT community, Solsniper concedes that operating NFT services is no longer a sustainable business model.

Users with existing bids and listings will have all assets automatically returned to their respective wallets by 12 PM PST, June 13th, 2025. Solsniper asserts that existing leaderboard positions and accumulated points will be saved for future reference.

Solsniper is far from the only NFT platform forced to shut down as the sector declines. In October 2024, fellow NFT marketplace Hyperspace sunset all operations, citing insubstantial revenue.

However, while Solsniper has called it quits on all NFT-related products, the team hasn’t thrown in the towel entirely. Solsniper founder Maz assures users and supporters that the team is doubling down on its memecoin trading suite, which comprises a Telegram trading bot, web terminal, and AI trading assistant. 

Solana NFT Trading Volume At Lowest Point Since October 2023

Outside of a few remaining pockets of devout NFT enthusiasts, the writing is on the wall for JPEGs. NFT trading volumes have steadily diminished for years, with legacy media piling in to dance on the sector’s grave.

Onchain data echoes this belief. CryptoSlam data indicates that Solana’s NFT trading volume in May 2025 totaled a mere $31M, tapping on lows not seen since October 2023.

Beyond trading volume, user activity is also dwindling. According to NFTPulse, rival chains like Base and ApeChain have witnessed more “users” than Solana in the last 30 days, though it cannot be ascertained if this figure represents organic users rather than arbitrary wallets.

NFT-Coins Continue Bleeding Value

Naturally, languishing NFT markets inflicted harsh second-order effects on the native tokens of Solana’s various NFT-related businesses. With market participants evidently bearish on the NFT sector, both $TNSR and $ME have endured vicious price declines over an extended time frame.

In spite of the irrefutable fact that NFTs, and their associated businesses, have failed to prove themselves as resilient financial assets, they remain popular cultural items. Valuations across the sector have tanked, but pockets of the Solana community still wear their PFPs with pride and consider NFTs a valuable networking tool.

Despite resale value and trading frequency dropping, auctions for 1/1 pieces are still met with enthusiasm. Buyers of unique pieces are demonstrating reluctance to flip their 1/1’s, despite recent auctions fetching prices of over $50,000.

This reinforces the argument that NFTs as artistic, cultural communities have found PMF, while the large collections that are treated as speculative flips have faded to irrelevance.

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