Solana Secondary NFT Sales Hit $500mln in Just Three months
Since the beginning of August, the secondary market for Solana (SOL) based nonfungible tokens (NFTs) has reached around $500 million in total sales volume. According to statistics from CryptoSlam, secondary sales of Solana NFTs have produced a total of around $497.7 million from over 348,000 transactions as of Nov. 2, with the average sale per NFT coming in at approximately $1,500.
During September, according to the statistics, Solana saw a record month in terms of secondary NFT sales volume, with a total of $189.4 million in sales. While some consider Solana to be a ‘ETH killer,’ the Ethereum blockchain continues to be the most popular among NFT enthusiasts, with secondary sales on the Ethereum network surpassing $2.2 billion in the same month.
In a tweet on Nov. 3, Messari research researcher Mason Nystrom stated that although Ethereum (ETH) “dwarfs Solana in total NFT secondary sales,” the upstart network has swiftly established itself as one of the top NFT blockchains in a few of months.
While Solana displays promising metrics in unique addresses (buyers and sellers) and a lower avg NFT sale price, Ethereum still dwarfs Solana in total NFT secondary volumes.
Still, Solana has become one of the top NFT blockchains by secondary trading in mere months. pic.twitter.com/9HfOp7IRut
— Mason Nystrom (@masonnystrom) November 2, 2021
CryptoSlam’s rankings of the top NFT blockchains show that Solana is presently ranked fourth with $1.9 million in 24-hour secondary volume, according to their rankings. Ethereum ($37.7M), Ronin ($23.5M), and Wax ($4.5M) are the top three coins in terms of market capitalization.
In terms of NFT projects, Solana’s most successful is the Degenerate Ape Academy, which has produced a total of $105.9 million in secondary sales since its inception in mid-August.
The Degenerate Ape NFTs portray animated gorilla avatars with distinct characteristics, and the project has seen a total of $454,000 in secondary sales in the last 24 hours. The Degenerate Ape NFTs depict animated gorilla avatars with distinct characteristics.
According to CoinGecko statistics, the price of SOL has increased by 30.3 percent in the last 30 days, and it is now trading at roughly $225 at the time of writing this article.
As a result of this recent surge, SOL reached a new all-time high of $229.76 earlier today.
Solana’s market capitalization is currently around $68.1 billion, making it the fifth-ranked digital asset in terms of total capitalization, and it is ahead of fellow ‘ETH killer’ Cardano (ADA), which has a market capitalization of $63.1 billion and is the second most valuable cryptocurrency in the world.
Cointelegraph Markets Pro predicts that the price of SOL will reach $250 per SOL before the end of the year, using on-chain data from the DeFi sector and the derivatives market as the primary factors for the projection.