Solana-based nonfungible tokens (NFTs) have achieved a remarkable milestone, surpassing $5 billion in all-time sales volume. This surge in NFT trading activity on the Solana blockchain has been witnessed over the past four months.
On February 23, data aggregator CryptoSlam revealed that the cumulative sales volume for Solana-based NFTs has reached an impressive $5,013,847,972. The data further highlights the significant presence of over 2.2 million buyers and 1.6 million sellers on this blockchain, resulting in a total of nearly 43 million NFT transactions.
Solana NFTs experienced a less favorable performance in the four months leading up to November 2023. Starting from July 2023, the monthly sales volume struggled to exceed $40 million. However, a turning point emerged in October 2023.
November 2023 witnessed a substantial increase in sales volume, with Solana-based NFTs generating approximately $82 million in monthly sales. This marked a remarkable 192% surge compared to the previous month’s sales of around $28 million.
The momentum continued for Solana NFTs in the subsequent months. In December 2023, these NFTs achieved a sales volume of approximately $365 million, ranking as the second-highest monthly sales volume after the record-breaking $373 million in October 2021.
Despite a slight slowdown in January, NFTs on Solana still achieved sales exceeding $239 million. As of now, the monthly sales volume for February stands at $161 million. Over the past nine months alone, Solana NFTs have generated over $1 billion in sales volume, showcasing their impressive growth.
The increase in Solana NFT sales in December 2023 coincided with a bullish price trend for Solana’s native token, SOL. On December 26, 2023, SOL reached a peak of $121.45, accompanied by a substantial trading volume of $5.7 billion, as reported by CoinGecko, a popular coin data tracker.
In conclusion, the Solana blockchain has experienced a significant surge in the sales volume of its NFTs, crossing the $5 billion mark. This growth has been witnessed in the past four months, with notable increases in monthly sales and an expanding community of buyers and sellers. Additionally, Solana’s native token, SOL, exhibited a bullish price trend, further contributing to the success of Solana-based NFTs.