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.
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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.
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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.