March 27, 2024
Solana NFTs Surpass $5B in Sales
Latest Cryptocurrency News

Solana NFTs Surpass $5B in Sales

Solana-based nonfungible tokens (NFTs) have recently achieved a remarkable milestone, reaching an all-time sales volume exceeding $5 billion. The surge in NFT trading activity on the Solana blockchain over the last four months has been highlighted by data from CryptoSlam on February 23.

The aggregated data reveals that Solana NFTs have garnered an impressive all-time sales volume of $5,013,847,972. Notably, the Solana blockchain boasts a user base of over 2.2 million buyers and 1.6 million sellers, contributing to a total of almost 43 million NFT transactions.

The journey for Solana NFTs has witnessed a significant turnaround, especially in the period following July 2023, where monthly sales struggled to surpass $40 million. However, the narrative changed in November 2023 when the monthly sales volume skyrocketed to approximately $82 million, marking a substantial 192% increase from the previous month’s $28 million.

This momentum continued into December 2023, with Solana-based NFTs achieving an outstanding monthly sales volume of around $365 million. Although this fell short of the record set in October 2021 at $373 million, it underscored the robust growth. January 2024 sustained the positive trend, with Solana NFTs still recording over $239 million in sales.

As of the latest update, February’s monthly sales volume stands at $161 million, contributing to Solana NFTs surpassing $1 billion in sales volume over the past nine months. The surge in Solana NFT sales in December 2023 correlated with bullish price action for the SOL token, reaching a high of $121.45 on December 26, accompanied by a trading volume of $5.7 billion, according to CoinGecko.

This remarkable performance underscores Solana’s growing prominence in the NFT space and the blockchain’s ability to attract a substantial number of participants, both buyers and sellers, contributing to the platform’s overall success.

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