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On Tuesday, Bankman-Fried reiterated that despite recent faults, Solana remained superior to other networks. Solana has completed more transactions than all other major networks combined, according to FTX's CEO.

Despite the decrease in TPS, he says the Solana network is still performing well compared to other blockchains.

Bankman-Fried stated that additional work is needed.

"Jobs never run out. And, of course, doing the labor, building... Solana has little slack–transactional demand exceeds supply. So you must keep improving system throughput and efficiency to keep up with demand "explained he

However, although SBF focused on Solana's earlier network performance, other market analysts noted how frequent outages undermined traders' confidence in the network.

According to Larry Cermak, the Solana outage drove hundreds of traders to sell their bitcoin assets, reducing their profits.

"The inability to finish transactions at key moments has been the main issue recently. If I'm liquidated due to poor performance, I'm not sure I'll trust it again for such transactions "said he

Initiating NFT Profile Picture Testing on Reddit

As part of its beta testing program, Reddit now allows users to use any NFT as their profile picture.

The move follows Twitter's recent rollout of a similar feature enabling paying users to add and verify NFTs.

Reddit already has its own limited edition Ethereum-based NFT collection, CryptoSnoos.

Less was known about this new endeavor into non-fungible tokens. This particular NFT test is in its "early stages and has not been made publicly available on the site," Reddit told TechCrunch.

Tim Rathschmidt, a corporate spokesperson, said the test was internal and no decisions had been taken on whether to fully roll it out.

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"We're continuously searching for innovative ways to improve the user and community experience. We're now examining NFTs as profile images (avatars) and determining ownership."

Reddit is no stranger to NFT, having previously promoted its own Snoos collection to mixed reviews. In reaction to the news, several platform users poured out their venom towards crypto and NFT.

Apparently, Reddit also has a non-commercial test collection of alien NFTs on OpenSea.

YouTube, the world's biggest video streaming site, said this week that it will allow content producers to use NFTs. "We are dedicated to expanding the YouTube ecosystem to support artists in profiting on future technologies, such as NFTs," Wojcicki wrote on Jan. 25.

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Despite this year's 25% bitcoin market fall, NFTs are gaining momentum. Nonfungible, a market research firm, reported $608 million in weekly secondary sales. This is more than double the final week of December.

Azuki is the week's top NFT collectible, according to Cryptoslam, with $105 million in sales.