Solana NFTs hit $5B in all-time sales volume

Solana-based nonfungible tokens (NFTs) recorded an all-time sales volume of over $5 billion after an uptick in NFT trading activity on the blockchain in the last four months. 

On Feb. 23, data aggregator CryptoSlam showed that the all-time sales volume for NFTs based on the Solana network is already at $5,013,847,972. The data also shows that the blockchain has over 2.2 million buyers and 1.6 million sellers. This brings the total number of NFT transactions within the blockchain to almost 43 million.

Solana’s NFT sales volume chart. Source: CryptoSlam

Solana NFTs did not do as well in the four months before November 2023. Since July 2023, the monthly sales volume for NFTs based on Solana struggled to record a volume above $40 million. However, things started to change after October 2023.

The sales volume for Solana-based NFTs started showing signs of life when it hit about $82 million in monthly sales in November 2023 — a 192% jump from the previous month when it only had about $28 million in monthly sales.

Furthermore, Solana NFTs continued their momentum in the following months. In December 2023, NFTs on Solana recorded around $365 million in monthly sales. The record was its second-highest monthly sales volume, following its $373 million record in October 2021.

While the sales volume slowed down a little in January, NFTs on Solana still recorded over $239 million in sales during the month. At the time of writing, February’s monthly sales volume stands at $161 million. Solana NFT’s sales performance has risen in recent months, with over $1 billion in sales volume in the last nine months.

Solana shows an increase in price in December 2023. Source: CoinGecko 

The uptick in Solana NFT sales in December 2023 coincided with Solana’s (SOL $103) token’s bullish price action. On Dec. 26, 2023, SOL hit a high of $121.45, with a trading volume of $5.7 billion, according to the coin data tracker CoinGecko.