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Solana NFTs Achieve $5 Billion in Total Sales Volume

source-logo  coinculture.com 26 February 2024 04:25, UTC

The trading activity of nonfungible tokens (NFTs) based on Solana blockchain witnessed a significant surge, resulting in an all-time sales volume surpassing $5 billion in the last four months.

Data from CryptoSlam on February 23 revealed that the cumulative sales volume of Solana-based NFTs had reached $5,013,847,972, with a considerable user base consisting of over 2.2 million buyers and 1.6 million sellers. This surge in activity has led to nearly 43 million NFT transactions on the Solana network.

Solana’s NFT sales volume. Source: CryptoSlam

Contrary to the subdued performance in the preceding four months leading up to November 2023, Solana NFT sales experienced a remarkable turnaround. Monthly sales struggled to exceed $40 million from July 2023, but the situation evolved post-October 2023.

November 2023 marked a pivotal moment as Solana-based NFTs witnessed a surge in sales, reaching approximately $82 million, marking a substantial 192% increase from the previous month’s figure of around $28 million.

The momentum carried forward into subsequent months, with December 2023 witnessing a notable milestone as NFT sales on Solana soared to approximately $365 million, marking the second-highest monthly sales volume after the record of $373 million in October 2021.

Although January experienced a slight deceleration, Solana NFT sales remained robust, surpassing $239 million in sales for the month. As of the latest update, February’s monthly sales volume stands at $161 million, indicating sustained growth in Solana NFT market performance, with over $1 billion in sales volume over the past nine months.

Increase in Solana’s price in December 2023. Source: CoinGecko

The surge in Solana NFT sales in December 2023 coincided with a bullish trend in the SOL token’s price. On December 26, 2023, SOL achieved a peak of $121.45, accompanied by a substantial trading volume of $5.7 billion, as reported by CoinGecko.