Solana-based nonfungible tokens (NFTs) have soared to a remarkable all-time sales volume surpassing £5 billion following a surge in NFT trading activity on the blockchain over the past four months.
As of February 23, data compiled by CryptoSlam revealed that the cumulative sales volume for NFTs operating on the Solana network has reached an impressive £5,013,847,972.
The data also highlights the substantial user base within the blockchain, boasting over 2.2 million buyers and 1.6 million sellers, resulting in nearly 43 million NFT transactions overall.
The performance of Solana NFTs experienced a noticeable turnaround after a relatively lacklustre period preceding November 2023.
From July 2023 onwards, monthly sales struggled to surpass £40 million. However, a significant shift occurred from October 2023 onwards.
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The sales volume for Solana-based NFTs began to exhibit signs of resurgence, surging to approximately £82 million in November 2023—an impressive 192% increase compared to the preceding month’s £28 million in sales.
This momentum carried forward in subsequent months, with December 2023 witnessing Solana NFTs generating around £365 million in monthly sales, marking its second-highest monthly sales volume after the £373 million record set in October 2021.
Despite a slight slowdown in January, Solana NFTs still achieved sales exceeding £239 million for the month.
As of the latest data, February’s monthly sales volume stands at £161 million, underscoring the consistent growth trajectory in Solana NFT sales, amassing over £1 billion in sales volume over the last nine months.
The surge in Solana NFT sales observed in December 2023 coincided with a bullish price trend for Solana’s native token.
On December 26, 2023, SOL reached a peak of £121.45, with a trading volume reaching £5.7 billion, as reported by the cryptocurrency data tracker CoinGecko.
