Solana-based non-fungible tokens (NFTs) have witnessed a remarkable rise, recording over $5 billion in all-time sales volume. The increase in NFT trading activity represents a significant shift in Solana’s digital art ecosystem.
Solana NFTs Previous Struggles
Recall that the NFT market saw a decline in 2023, with a loss of over $1 billion in trading performance. Solana’s NFT market was not exempted as the network witnessed significant challenges last year especially between July and October. At that time, the volume of NFT sales on the Solana did not exceed $40 million per month.
However, the sales volume for Solana-based NFTs started increasing by November 2023 when it hit about $82 million in monthly sales. Notably, This figure is a 192% jump from the previous month when it only had about $28 million in monthly sales.
However, a significant increase was noted from November 2023 when the sales volume for Solana-based NFTs saw about $82 million in monthly sales. Notably, this surge represents a 192% jump from the previous month when it only had about $28 million in monthly sales.
In the following month, Solana NFTs sales did not drop as the network recorded around $365 million in December monthly sales. This figure was its second-highest monthly sales volume, following its $373.5 million record in October 2021.
Although the network’s sales volume was down in January, NFTs on Solana still recorded over $239 million in sales during the month.
Solana NFTs Hit $5B in Sales Volume
According to data from CryptoSlam, Solana’s NFT marketplace has surpassed $5 billion in total sales volume. At the time of writing, February’s monthly sales volume stands at around $162 million. With over 2.2 million buyers and 1.6 million sellers, Solana boasts nearly 43 million NFT transactions, underlining its vibrant marketplace.
These consecutive months of strong sales have propelled Solana’s NFT market to $5 billion in sales volume. This surge reflects a robust adoption and trading within the blockchain, known for its speed and scalability.
However, the price Solana was not performing so well at the time of writing. According to data from the price tracking platform Coinstats, SOL trades at $101.73, representing a 2.46% decrease in the last 24 hours.
