Solana, the rising star in the cryptocurrency realm, has achieved a significant milestone in the NFT market by surpassing Ethereum in monthly sales volume for the first time in December 2023.
Analytics platform CryptoSlam reported that Solana’s NFT sales reached approximately $366.5 million in December, outpacing Ethereum, which recorded $353.2 million in sales. These figures exclude suspicious trades marked as “wash trading,” with CryptoSlam excluding about $381 million worth of Ethereum sales and only $10.1 million worth of Solana sales from the organic data.
Solana’s monthly trades almost matched its all-time high of $373.5 million in October 2021 when the space was gaining momentum. While daily Solana NFT sales volume has occasionally surpassed Ethereum, this is the first instance of Solana leading in terms of a full month’s worth of trades.
In December, Solana experienced about double the number of unique buyers and sellers compared to Ethereum, with significantly more total NFT transactions. CryptoSlam reported approximately 218,000 sellers and 279,000 buyers on Solana, engaging in nearly 6.6 million NFT transactions. In contrast, Ethereum had about 114,000 sellers and over 143,000 buyers, with 698,000 transactions.
Ethereum’s NFT sales volume remained relatively flat compared to November, while Solana witnessed a surge from about $83 million in the previous month. Despite Solana’s substantial price increase, with SOL rising over 71% in the past month and more than quadrupling in the past three months, it doesn’t fully explain the surge in unique traders and monthly NFT transactions. Notably, the average NFT sale on Solana decreased from approximately $74 in November to under $56 in December.
The increased user activity and transactions on Solana are possibly linked to broader momentum around the blockchain and the hype surrounding specific projects. Notable NFT projects on Solana, such as Tensorians and Mad Lads, contributed significantly to the platform’s impressive performance in December.
While CryptoSlam’s data indicates Bitcoin Ordinals trades generated more volume than Ethereum and Solana combined, it’s essential to note the differences in tracking methodologies. CryptoSlam includes trading of BRC-20 tokens, minted via the Ordinals protocol, in its Bitcoin Ordinals data, making direct comparisons challenging.
In summary, Solana’s ascendancy in the NFT market, outpacing Ethereum in monthly volume, underscores the blockchain’s growing influence and popularity among crypto enthusiasts and artists alike. The surge in unique users and transactions further cements Solana’s position as a formidable player in the NFT ecosystem.
