Solana, the blockchain network known for its speed and scalability, has taken the lead in the NFT market, outpacing Ethereum in monthly sales volume for the first time in history.
According to data from CryptoSlam, Solana witnessed a staggering surge in NFT sales, totaling approximately $366.5 million in December 2023.
This figure eclipsed Ethereum’s NFT sales, which amounted to $353.2 million during the same period. These statistics, devoid of suspicious trades labeled as “wash trading,” reflected a monumental shift in the landscape of NFT transactions.
Solana’s meteoric rise in NFT transactions nearly matched the network’s all-time high, previously recorded at around $373.5 million in October 2021 during the initial fervor surrounding the NFT space. What makes this milestone even more remarkable is the scale of Solana’s dominance over Ethereum for an entire month, a feat previously witnessed only in sporadic daily increments.
The surge in Solana’s NFT sales not only eclipsed Ethereum in value but also in user participation. The network boasted double the number of unique buyers and sellers compared to Ethereum, with an impressive 6.6 million NFT transactions involving approximately 218,000 sellers and 279,000 buyers. In stark contrast, Ethereum witnessed about 114,000 sellers and over 143,000 buyers engaged in 698,000 transactions.
The staggering increase in Solana’s NFT sales can partly be attributed to its remarkable price surge. Solana’s native token, SOL, experienced an unprecedented 71% surge in the past month and a phenomenal quadrupling in value over the last three months. In contrast, Ethereum observed a comparatively modest 9% increase in the last 30 days and a 44% rise over three months.
However, the surge in Solana’s NFT sales cannot be solely credited to its price surge. Despite the spike in value, the average NFT sale price on Solana actually decreased from approximately $74 in November to under $56 in December. This indicates a complex interplay of factors driving the market’s behavior.
The influx of users and transactions on Solana might be attributed to the network’s broader momentum and the hype surrounding specific projects, promising access to airdrops and other incentives. Projects like Tensorians and Mad Lads within the Solana ecosystem saw substantial trading volumes of $28 million and $24.5 million, respectively, in December.
While Ethereum’s top-performing NFT projects such as the Bored Ape Yacht Club and Pudgy Penguins maintained a strong presence, the collective trading volume of Bitcoin Ordinals, a protocol enabling NFT-like media on the Bitcoin blockchain, surpassed the combined trading volume of Ethereum and Solana. This segment raked in an impressive $881.2 million across over 493,000 transactions in December.
Solana’s unprecedented ascendancy in the NFT market has not only showcased its potential but also reshaped the landscape of blockchain-based digital asset transactions, signaling a potentially transformative shift in the industry’s dynamics. What’s in it for 2024?