Solana Creates Milestone; Exceeds $2 Billion in All-Time NFT Sales

Solana becomes the biggest blockchain to set a new milestone of reaching all-time NFT sales volume.

The Be[In]Crypto research reveals that in the two years, Solana has positioned itself as the go-to chain for non-fungible tokens(NFTs). The total sales volume of Solana was around $2.35 billion.

This acted as the breakthrough for the network after SOL, its native token, recorded a surge of over $14 billion in market cap in May. This achievement has begged Solana third position behind Ethereum and Ronin.

Solana has a higher all-time sales volume than Polygon, WAX, Tezos, Waves, Binance, Panini, Flow, Palm and Panini, and Binance Smart Chain (BSC).

Reason Behind Solana’s Rising Sales Volume

Looking at the rising number of unique buyers from October 2021, the surge in sales has resulted in blockchain’s climbing total transaction of blockchain counts amounting to 83,697 unique buyers and 374,618 transactions. The sales volume in the Solana region amounted to $286.4 million by the end of October.

In January 2022, an 83% rise in the number of unique buyers from October resulted in a new all-high in the number of new buyers of NFT on Solana in January 2022. Unique Buyers were 153,602, which corresponded to 1,014,963 transactions in January 2022. This month also witnessed an all-time high in the monthly sales volume of Solana coincidently, as it reached approx. $298.69 million.

Meerkat Millionaire Country Club, SolPunks, Blockstars, Akuma no Neko, Infinity Labs, Frakt, Portals, Block stars, Solsteads, Solarians, and Thug Birdz, are the popular NFTs that contributed to this volume. 

May 2022 ($256.1 million), April 2022 ($294.8 million), February 2022 ($206.3 million), and September 2021 ($263.34 million) are the other months that made a great contribution to Solana sales. 

Impact On SOL Prices

At the beginning of the year, SOL was trading at a price of $170.31, touching a yearly high of $179.43 on Jan. 2; however, as of June 2, it has reached a new local low of $38.36. At the time of writing, the SOL was trading at $41.73, recording a decrease of around 77% in the price of SOL throughout 2022. 

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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