Solana-based non-fungible tokens (NFTs) have achieved a significant milestone, exceeding $5 billion in total sales volume, as reported by CryptoSlam.
Data reveals that Solana NFTs have amassed a total sales volume of $5,037,650,942, attracting over 2 million buyers and 1.6 million sellers. This places Solana as the second-largest blockchain for NFT sales, trailing only Ethereum in terms of volume.
In the past seven days, several Solana-based NFT collections have shown strong performance in terms of sales volume. These include Tensorians, a collection representing 10,000 dedicated fans of Tensor; Froganas, depicting frogs affected by mysterious environmental changes; and Transdimensional Fox Federation, featuring pixelated renditions of famous foxes.
The achievement of surpassing $5 billion in sales volume adds to Solana’s previous milestone in December, when its monthly NFT sales reached $366 million. This surge in sales is attributed in part to Solana’s high throughput and low fees, which have outpaced Ethereum, recording $353 million in sales during the same month.
While the peak monthly sales volumes for Solana NFTs were observed in 2021 — a year considered pivotal for the NFT market — the end of 2023 and the beginning of 2024 have witnessed a resurgence in NFT activity.
Analysts began noticing signs of this revival as early as November 2023, with December marking a notable confirmation of this trend. During December, for instance, Bitcoin NFTs achieved an all-time high, surpassing $881 million in sales volume.
On February 12, the Ethereum NFT market experienced a remarkable resurgence, with sales surging by nearly 97% over the previous week. Notable collections such as Pandora, Nobody, and Pudgy Penguins have led this surge in activity.
Although analysts caution against prematurely comparing this resurgence to the peak levels observed in 2021 and 2022, the increasing numbers reflect a renewed interest and participation in the NFT market.
