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Solana-based NFT projects have achieved their highest ever sales volume, surpassing $5 billion following a surge in NFT trading activities within the blockchain ecosystem over the last four months. On February 23rd, blockchain data analytics platform CryptoSlam revealed that the all-time sales volume for NFT projects on the Solana network had reached $5,013,847,972.
Continued Interest in NFT Projects
Data from the Solana ecosystem also shows that there are more than 2.2 million buyers and 1.6 million sellers on the blockchain network. This brings the total number of NFT transactions on the network to nearly 43 million, marking a significant milestone in the field.
Solana NFT projects did not demonstrate the same success in the four months prior to November. Since July 2023, monthly sales volumes for Solana-based NFT projects struggled to record more than $40 million. However, things began to change after October 2023.
Solana-based NFT projects started showing signs of life in November, with the monthly sales volume reaching approximately $82 million. This represented a 192% increase compared to the previous month, where sales were only around $28 million.
Developments in the Solana Ecosystem
With all these developments, Solana NFT projects continued their upward trend in the following months. In December 2023, Solana-based NFT projects recorded approximately $365 million in monthly sales. This record was the second-highest monthly sales volume after the $373 million peak in October 2021.
Although sales volumes slowed down a bit in January, Solana-based NFT projects still recorded over $239 million in sales throughout the month. At the time of writing, the monthly sales volume for February was at $161 million. The past few months have seen an increase in sales performance in the Solana NFT space, with over $1 billion in sales volume recorded in the last nine months.
The increase in Solana NFT sales in December coincided with a rise in the price of SOL during the same month. According to CoinGecko data, on December 26th, the price of SOL reached $121.45 with a trading volume of $5.7 billion.
