Non-fungible tokens (NFTs) built on Solana have clocked in a record-breaking all-time sales volume exceeding $5 billion, marking a significant surge in NFT trading activity on the blockchain over the past four months.
On February 23rd, data aggregator CryptoSlam revealed that the cumulative sales volume of Solana-based NFTs had surpassed $5,013,847,972. The data also showed that the blockchain boasted over 2.2 million buyers and 1.6 million sellers, with nearly 43 million NFT transactions recorded.
Solana NFTs experienced a sluggish performance in the latter half of last year. Since July 2023, monthly sales volumes struggled to reach above $40 million. However, a turnaround began in October 2023.
Sales of Solana-based NFTs began showing signs of recovery, recording approximately $82 million in monthly sales in November. This marked a 192% increase compared to the previous month’s revenue of around $28 million.
Furthermore, Solana NFTs continued to flourish in the following months. In December 2023, Solana-based NFTs recorded approximately $365 million in monthly revenue, the second-highest monthly sales volume after the record $373 million in October 2021.
Although sales slowed slightly in January, Solana NFTs still generated revenue exceeding $239 million for the month. At the time of writing, February’s monthly sales volume stands at $161 million. The past few months have seen a surge in Solana NFT sales, totaling over $1 billion in the past nine months.
The spike in Solana NFT sales in December coincided with a price rally of the Solana (SOL) token in the same month. On December 26th, SOL reached its all-time high of $121.45, with a trading volume of $5.7 billion, according to CoinGecko.