Solana NFT Sales Surpass Ethereum, Setting New Record in Monthly Volume

Solana Non-Fungible Token (NFT) sales have eclipsed those of Ethereum for the first time in history. According to the latest data from the analytics platform CryptoSlam, Solana’s NFT sales reached approximately $366.5 million in December 2023, surpassing Ethereum’s $353.2 million in the same period.

This milestone marks a significant shift in the NFT landscape, as Ethereum has long been the dominant player. The figures reported by CryptoSlam are particularly noteworthy as they exclude suspicious trades, often referred to as “wash trading.” After filtering out these trades, Ethereum’s sales were adjusted down from $381 million to $353.2 million, while Solana’s adjusted down slightly from $376.6 million to $366.5 million.

Solana’s record-breaking month nearly matched its all-time high of about $373.5 million in NFT sales, recorded in October 2021. The platform has seen a consistent increase in both the number of unique buyers and sellers, as well as the total number of NFT transactions. In December, Solana boasted approximately 218,000 sellers and 279,000 buyers, engaging in nearly 6.6 million NFT transactions. In contrast, Ethereum had about 114,000 sellers and over 143,000 buyers, with a total of 698,000 transactions.

The surge in Solana’s NFT market can be partially attributed to the significant rise in its cryptocurrency value. Over the past month, SOL, Solana’s native token, has seen an increase of over 71%, and more than quadrupled in price over the past three months. Ethereum, on the other hand, has experienced a more modest growth of 9% in the last 30 days and about 44% over the past three months.

The increase in Solana’s NFT sales value is not solely due to the rising price of SOL. The platform has experienced a tripling in the number of unique traders and a sixfold increase in monthly NFT transactions. Interestingly, the average NFT sale on Solana actually decreased from about $74 in November to under $56 in December.

This surge in user activity and transactions may be linked to the growing momentum around Solana and the hype surrounding specific projects. For instance, the Tensorians NFT project tied to the leading Solana marketplace, Tensor, saw $28 million worth of trades in December. Similarly, Mad Lads generated $24.5 million in trades.

In comparison, Ethereum’s top NFT project in December was the Bored Ape Yacht Club, with $19.5 million worth of NFT trades, followed by Pudgy Penguins with about $18.3 million.

Interestingly, Bitcoin Ordinals, a protocol enabling NFT-like media on the Bitcoin blockchain, generated more trading volume than Ethereum and Solana combined in December, with $881.2 million across over 493,000 transactions. However, it’s important to note that CryptoSlam tracks Bitcoin Ordinals differently, including the trading of BRC-20 tokens, which are similar to fungible tokens on other chains.

As the NFT market continues to evolve, the rise of Solana as a significant player marks a new chapter in the digital asset space, challenging Ethereum’s long-standing dominance and introducing new dynamics in the world of NFTs.