Solana NFTs hit $5 billion mark in sales

  • Solana NFT sales recently surged, contributing to a historic $5 billion in sales on the blockchain.
  • In December 2023, Solana NFT sales were significantly boosted, coinciding with a rise in SOL’s price and trading volume.
  • Before November 2023, Solana NFTs struggled to surpass $40 million in monthly sales; however, they surged in November, recording over $82 million in sales.

Nonfungible tokens (NFTs) based on Solana achieved an unprecedented sales volume of more than $5 billion following a surge in NFT trading activity on the blockchain during the preceding four months.

Solana NFT sales skyrocket

Data aggregator CryptoSlam revealed on February 23 that the total sales volume of NFTs utilising the Solana network has now reached $5,013,847,972 over the course of time.

Additionally, the data reveals that there are 1.6 million merchants and over 2.2 million purchasers on the blockchain. With this, there are now around 43 million NFT transactions in the blockchain overall.

Also read: As Bitcoin wavers, smaller tokens like XRP, SOL, INJ soar

Solana NFTs did not perform as well before November 2023. Since July 2023, it has been difficult for NFTs to report a monthly sales volume higher than $40 million. After October 2023, though, things started to shift.

When Solana-based NFTs’ monthly sales reached over $82 million in November 2023, they began to show signs of life. This was a 192% increase from the previous month when their sales were just about $28 million.

December bull run

The bullish price movement of Solana’s token in December 2023 corresponded with an increase in sales of Solana NFT.

According to the currency statistics tracker CoinGecko, SOL reached a high of $121.45 on December 26, 2023, with a trading volume of $5.7 billion.

Sylvia-Shen

Sylvia Shen

Sylvia Shen, a news reporter at BTW media dedicated in Fintech and Blockchain. She graduated from University of California, Davis. Send tips to s.shen@btw.media.

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