In its latest achievement, the Solana blockchain has recorded over $5 billion in all-time sales volume for its non-fungible tokens (NFTs). This milestone was reached after a notable increase in trading activity over the last four months, with December 2023 witnessing the second-highest monthly sales volume in the network’s history.
The surge in Solana NFTs Popularity
According to recent data from CryptoSlam, the Solana network has achieved an all-time high sales volume of $5,013,847,972, which is a significant milestone for the blockchain community. The Solana ecosystem has a thriving community of over 2.2 million buyers and 1.6 million sellers, contributing to nearly 43 million NFT transactions on the platform. This growth comes after a period of stagnation, where monthly sales volumes barely surpassed the $40 million mark between July and October 2023.
In November 2023, sales volumes experienced a significant increase of 192%, reaching approximately $82 million. This positive trend continued throughout December 2023, with sales figures reaching around $365 million, which was just slightly below the all-time high of $373 million achieved in October 2021. Although January 2024 saw a slight decrease in sales, with volumes over $239 million, February has already seen sales of $161 million, which indicates that the upward trend is continuing.
Solana’s Price Correlation with NFT Sales
The surge in sales volume of NFTs on Solana was observed alongside an uptrend in the price of the SOL token. On December 26, 2023, SOL hit its peak value of $121.45, with a trading volume of $5.7 billion, as reported by CoinGecko. This rise in SOL’s value indicates that investors are increasingly confident in the potential growth of Solana’s NFT market and its blockchain technology.