Home News Solana secondary NFT sales reach half a billion in three months

Solana secondary NFT sales reach half a billion in three months

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Since the beginning of August, secondary sales volume for nonfungible tokens (NFTs) based on Solana (SOL) has surpassed $500 million.

As of Nov. 2, secondary sales of Solana NFTs had produced a total of $497.7 million from over 348,000 transactions, according to CryptoSlam statistics, with an average selling per NFT of $1,500.

According to the statistics, Solana had a record month for secondary NFT sales in September, with $189.4 million in sales. Some consider Solana as an ‘ETH killer’. Nonetheless, the Ethereum blockchain continues to be the most popular among NFT enthusiasts. With secondary sales topping $2.2 billion in the same month.

Secondary NFT sales volume on Solana: CryptoSlam

On Nov. 3, Messari research analyst Mason Nystrom tweeted about the findings. Ethereum (ETH) currently “dwarfs Solana in overall NFT secondary sales”. He observed, however, that in just a few months, the upstart network has swiftly established itself as one of the top NFT blockchains.

Solana is presently ranked fourth in terms of 24-hour secondary volume. With $1.9 million, according to CryptoSlam’s top NFT blockchains rankings. Ethereum ($37.7 million), Ronin ($23.5 million), and Wax ($4.5 million) are the top three coins in terms of market capitalization.

Degenerate Ape Academy is Solana’s gem

The Degenerate Ape Academy is Solana’s most successful NFT project. With secondary sales totalling $105.9 million since its inception in mid-August. The Degenerate Ape NFTs include animated ape avatars with distinct characteristics. And the project has racked up $454,000 in secondary sales in the last 24 hours.

According to data from CoinGecko, the price of SOL has gained 30.3% over the past 30 days. Thus, it sits at around $225 at the time of publishing. SOL hit a new all-time high of $229.76 earlier today as a result of the current rally. Solana’s current market capitalization is $68.1 billion. In terms of overall capitalization, it is now the fifth-best digital asset. Cardano (ADA), a fellow ‘ETH killer’ with a market worth of $63.1 billion, is a distant second.

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