Solana NFT Market Hits $5 Billion Record Sales

Solana NFT trading has experienced a surge over the past four months on the blockchain, leading to record-breaking sales exceeding $5 billion.

The past four months have seen a surge in NFT trading activity on the blockchain, leading to a record-breaking sales volume of over $5 billion for Solana-based NFTs.

As of February 23rd, the total sales volume for NFTs built on the Solana network has reached $5,013,847,972, according to data aggregator CryptoSlam. More than 2.2 million buyers and 1.6 million sellers are listed on the blockchain, according to the data. With this, the total amount of NFT transactions recorded on the blockchain reaches around 43 million.

In the four months leading up to November 2023, Solana NFTs performed worse. It has been difficult for Solana-based NFTs to achieve monthly sales volumes above $40 million since July 2023. Things began to shift, though, around October 2023.

on November 2023, sales of NFTs based on Solana reached $82 million, up 192% from $28 million the previous month. This marked the beginning of a steady increase in the sales volume.

In addition, the momentum of Solana NFTs persisted throughout the subsequent months. The monthly sales of NFTs on Solana were over $365 million in December 2023. This surpassed their previous best monthly sales volume of $373 million set in October 2021.

January saw a little slowdown in sales volume, but NFTs on Solana still managed to rake in nearly $239 million. Monthly sales for February have reached $161 million as of this writing. The sales performance of Solana NFT has been on the rise recently, with a volume of over $1 billion in the last nine months.

There was a positive price movement for Solana’s token in December 2023, which happened to correspond with an increase in sales of Solana NFTs. According to CoinGecko, a coin data tracker, SOL reached a high of $121.45 on December 26, 2023, with a trading volume of $5.7 billion.