Solana blockchain has witnessed an unprecedented surge in nonfungible token (NFT) trading, culminating in a staggering sales volume exceeding $5 billion over the past four months. December 2023 set a new milestone for monthly sales, with Solana NFTs achieving a record $365 million in sales. This remarkable growth highlights the increasing popularity and investment interest in Solana NFTs.
With $365 million in sales for the month of December 2023, Solana NFTs set a new record for monthly sales volume.
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.
Data aggregator CryptoSlam revealed on February 23 that the total sales volume of NFTs utilising the Solana network had 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.
In the four months leading up to November 2023, Solana NFTs did not perform as well. Since July 2023, NFTs based in Solana have had difficulty recording a monthly sales volume more than $40 million. But after October 2023, 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.
In addition, Solana NFTs kept growing during the ensuing months. NFTs on Solana reported monthly sales of almost $365 million in December 2023. Its October 2021 record of $373 million was the largest monthly sales volume, and this record was the second-highest.
Even though January’s sales volume decreased somewhat, NFTs on Solana managed to record over $239 million in sales. February’s monthly sales volume is $161 million as of this writing. In the last nine months, Solana NFT has generated over $1 billion in sales volume, demonstrating a growth in sales performance.
In December 2023, Solana’s bullish price action was accompanied by a surge in NFT sales. 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.
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