SOLANA NFT SALES HIT MILESTONE; SOL PRICE STABLE AT $100

Solana NFT sales have experienced a significant upturn, surpassing a $5 billion sales volume, showcasing a stark reversal in fortunes since November 2023, amidst the SOL price hovering around $100.

The sales of NFTs on Solana have achieved a remarkable milestone, crossing the $5 billion mark in total sales volume as reported by CryptoSlam. This development represents a significant turnaround for the Solana blockchain, which had previously faced challenges in attracting NFT transactions.

Growth in the Solana Ecosystem

As of February 23, Solana NFTs have amassed a sales volume of $5,014,125,016, underlining the layer-1 blockchain’s increasing dominance in the NFT market. The ecosystem supports a robust user community with over 2.2 million purchasers and 1.6 million vendors, having facilitated close to 43 million transactions.

This uptick in sales volume is in stark contrast to the stagnant sales figures observed before November 2023, where monthly sales volumes languished at around $40 million. The situation began to improve markedly after October 2023.

In November 2023, sales for Solana NFTs leaped to approximately $82 million, a 192% increase from the preceding month. This upward trend extended into December, with sales nearing $365 million, edging close to Ethereum’s $353.2 million in the same period.

The surge in NFT sales on Solana coincides with a bullish trajectory for the SOL token, which has appreciated by 302% over the last year to a current price of $102.73, according to Coingecko.

Though there was a slight dip in sales volume in January, with Solana NFTs achieving over $239 million in sales, February’s figures remained strong at $161 million. The past nine months have seen Solana NFTs exceed $1 billion in sales volume.

Challenges for Ethereum

The surge in Solana’s NFT market activity is partly driven by the ecosystem’s vibrancy and specific projects offering enticing benefits like airdrops.

Projects such as Tensorians, linked to the prominent Solana marketplace Tensor, and Mad Lads have seen significant trading volumes, with $28 million and $24.5 million respectively in December.

JPMorgan analysts, including Nikolaos Panigirtzoglou, anticipate a decline in Ethereum’s NFT market share, highlighting Solana as a formidable competitor. They attribute this shift to Ethereum’s network congestion and high transaction fees, noting a trend of NFT applications migrating to more efficient blockchains like Solana.

Read more from the blog

News

3 May 2023

StoneBlock CEO: Nervous investors will be eliminated from the market

News

22 Apr 2024

ANIMOCA BRANDS HOLDS $558M IN CRYPTO ON BALANCE SHEET 

News

22 Apr 2024

CRYPTOJACKER ACCUSED OF $3.5M FRAUD AGAINST TWO CLOUD PROVIDERS