July 21, 2024
Solana's Unprecedented Rise: December NFT Sales Eclipse Ethereum's

Solana’s Unprecedented Rise: December NFT Sales Eclipse Ethereum’s

In a surprising turn of events, Solana has emerged as the NFT market champion for December 2023, outpacing Ethereum in monthly sales volume for the first time. According to data from CryptoSlam, Solana’s NFT sales reached an impressive $366.5 million, surpassing Ethereum’s $353.2 million. This milestone comes as Solana experiences a remarkable surge in both its market value and NFT transactions.

Solana’s impressive performance is not solely attributed to its soaring token price, which has seen SOL surge over 71% in the past month and quadruple in value over the last three months. The NFT sales surge is accompanied by a notable increase in unique buyers and sellers, with Solana boasting about double the number seen on Ethereum in December.

The statistics reveal that Solana recorded nearly 6.6 million NFT transactions, involving around 218,000 sellers and 279,000 buyers. In contrast, Ethereum reported approximately 698,000 transactions with 114,000 sellers and 143,000 buyers during the same period. The surge in user activity and transactions on Solana is noteworthy, particularly as it coincides with a dip in the average NFT sale price on the network, dropping from $74 in November to under $56 in December.

The momentum around Solana and the excitement surrounding specific projects linked to potential airdrops and other perks have likely contributed to this surge. Notably, Tensorians, an NFT project associated with the leading Solana marketplace Tensor, generated $28 million in trades, while Mad Lads saw $24.5 million in trades during December.

On the Ethereum side, the Bored Ape Yacht Club led the pack with $19.5 million worth of NFT trades, closely followed by Pudgy Penguins at $18.3 million. However, despite Ethereum’s established position in the NFT space, its sales volume remained relatively flat compared to November.

Intriguingly, CryptoSlam’s data suggests that Bitcoin Ordinals trades, a protocol enabling NFT-like media on the Bitcoin blockchain, generated more trading volume than Ethereum and Solana combined in December. The total value reached an impressive $881.2 million across over 493,000 transactions. It’s essential to note that CryptoSlam tracks Bitcoin Ordinals differently, including BRC-20 tokens in its data but not tracking Ethereum ERC-20 tokens or Solana SPL tokens.

While uncategorized Ordinals, independent media assets not tied to a specific project, contributed about $88.5 million in trades, Bitcoin Frogs emerged as the top individual Ordinals project with $27.7 million. Bitcoin Punks, a CryptoPunks knockoff, followed with less than $3.3 million in trades.

In conclusion, Solana’s meteoric rise in the NFT market, fueled by its price surge and increased user engagement, underscores the dynamic and evolving nature of the blockchain space. As we enter 2024, all eyes will be on how these trends continue to shape the landscape of digital asset trading.

Image: DeviantArt

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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