Solana-based Nonfungible tokens (NFTs) trade reached a record-breaking $5 billion in sales volume following a surge in NFT trading activity on the blockchain over the past months.
As of February 23, the data aggregator CryptoSlam reported that the Solana network-based NFT sales volume had reached a record-breaking $5,013,847,972.
According to the data, the blockchain has more than 2.2 million customers and 1.6 million sellers. As a result, the cumulative count of NFT transactions recorded on the blockchain now approaches 43 million.
The performance of Solana NFTs was comparatively weaker during the four months preceding November 2023. Monthly sales volumes for NFTs based on Solana have struggled to surpass $40 million since July 2023. Things began to alter, however, after October 2023.
The sales volume for NFTs based in Solana began to exhibit signs of vitality in November 2023, when it reached approximately $82 million in monthly sales, a 192% increase from the previous month’s sales of roughly $28 million.
Moreover, the momentum of Solana NFTs persisted in the following months. Monthly sales of NFTs on Solana totaled approximately $365 million as of December 2023. The monthly sales volume achieved its second-highest level, surpassing the $373 million mark set in October 2021.
Although sales volume slightly decreased during January, NFTs on Solana still achieved sales exceeding $239 million. The current monthly sales volume for February is $161 million as of the time of writing. Solana NFT has experienced an upsurge in sales volume, surpassing $1 billion in the preceding nine months.
The rise in Solana NFT sales during December 2023 occurred concurrently with the favorable price movement of Solana’s token. Cryptocurrency data tracker CoinGecko reports that SOL peaked at $121.45 on December 26, 2023, with a trading volume of $5.7 billion.
