Solana NFT Sales Surpass $5 Billion Milestone

Nonfungible tokens (NFTs) based on Solana achieved an unprecedented sales volume of more than $5 billion following a surge in NFT trading activity on the blockchain during the preceding four months. 

The Solana blockchain has 2.2 million buyers and 1.6 million sellers of NFTs, according to the CryptoSlam website. Concurrently, the total number of NFT-directed transactions has nearly reached 43 million.

Simultaneously, the amount of NFT sales on the Solana network during July–October 2023 did not surpass $40 million monthly.

Nonetheless, there was a notable spike in the quantity of transactions in November of last year. For the reporting period, $82 million in sales were made. The figure climbed by 192% from October 2023 to the current month.

Sales momentum for the direction continued to increase in the ensuing months. NFTs valued at $239 million were traded on the Solana network in January 2024. The amount as of February 23, 2024, is $161 million.

The sales volume over the preceding nine months surpassed $1 billion. As of this writing, NFTs had been sold on the Solana network for a total of $5 billion.

Over $951 billion in of transactions took place in Solana last month. There was a 30% increase in the statistic from the prior month. Back then, it was $738.8 billion. Also in early 2024, the company said that the number of active developers in the Solana ecosystem had ranged from 2,500 to more than 3,000 monthly over the past year.

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