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Solana NFTs Surpass $5 Billion in All-Time Sales Volume

 

In December 2023, the market for Solana-based nonfungible tokens (NFTs) experienced a significant surge, marking its second-highest monthly sales volume at $365 million. This surge contributed to a remarkable milestone for Solana NFTs, as the total sales volume surpassed $5 billion, driven by heightened trading activity on the blockchain over the past four months.

Data from CryptoSlam on February 23 revealed that the cumulative sales volume for NFTs on the Solana network had soared to $5,013,847,972. Notably, the blockchain boasted a substantial user base, with over 2.2 million buyers and 1.6 million sellers, resulting in nearly 43 million transactions to date.

Solana’s NFT sales volume chart. Source: CryptoSlam

Prior to November 2023, Solana NFT sales struggled to gain traction, with monthly volumes hovering around $40 million since July of that year. However, this trend shifted after October 2023.

In November 2023, there was a remarkable uptick, with monthly sales surging to approximately $82 million, marking a staggering 192% increase from the preceding month’s sales of about $28 million.

This momentum continued into December 2023, with Solana NFTs achieving a monthly sales volume of around $365 million, representing the second-highest recorded sales figure, only trailing behind the $373 million record set in October 2021.

Although January saw a slight deceleration in sales volume, Solana NFTs still managed to generate over $239 million in sales. As of the latest data available, February’s monthly sales volume stands at $161 million, reflecting the sustained growth of Solana NFT sales, which have collectively exceeded $1 billion over the past nine months.

Solana shows an increase in price in December 2023. Source: CoinGecko 

The surge in Solana NFT sales in December 2023 coincided with a bullish price movement of the SOL token. Notably, 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.

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Wasif Shakir

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