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.
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.