Solana NFTs all time sales volume reached $5B

Solana-based nonfungible tokens (NFTs) have recorded an all-time sales volume of more than $5 billion since the addition of NFT trading on the blockchain in the past four months.

In the year The data shows that the blockchain has more than 2.2 million buyers and 1.6 million sellers. This brings the total number of NFT transactions in the blockchain to nearly 43 million.

Solana NFTs did not perform well in the four months leading up to November 2023. As of July 2023, Solana-based NFTs struggled to record monthly sales volumes above $40 million. But after October 2023, things started to change.

Sales of Solana-based NFTs are starting to show signs of life, with monthly sales reaching $82 million in November 2023 — a 192 percent jump from the previous month's monthly sales of about $28 million.

Additionally, Solana NFTs continue to gain momentum in the coming months. By December 2023, NFTs recorded around $365 million in monthly sales on Solana. The record was the second-highest monthly sales after October 2021's record of $373 million.

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Although the volume of sales decreased slightly in January, NFTs on Solana still recorded sales of more than $ 239 million in the month. At the time of writing, February's monthly sales totaled $161 million. Solana's NFT sales performance has increased in recent months, with $1 billion in sales over the past nine months.

The uptick in Solana NFT sales in December 2023 coincided with a major price action for the Solana (SOL) token. On December 26, 2023, SOL reached a high of $121.45, with a turnover of $5.7 billion, according to coin data tracker CoinGecko.

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