Solana blockchain exceeds R31B in all-time NFT sales

Solana is still fighting for a spot among the greatest smart contract-backed platforms, having reached new benchmarks in terms of the largest blockchains by all-time NFT sales volume.

Solana has been dubbed a potential Ethereum Killer after becoming one of the few protocols to solve the blockchain trilemma (security, decentralized, and scalability).

Solana has become one of the go-to chains for non-fungible tokens in just over two years (NFTs). It has a cumulative sales volume of roughly R36.7 billion as of June 5, according to Be[In]Crypto research.

This comes as a relief to the project after its original asset, SOL, saw its market capitalization plummet by more than R214 billion in May.

The achievement places Solana third, behind Ronin and Ethereum.

Flow, Polygon, WAX, Avalanche, Palm, Tezos, Waves, Binance Smart Chain (BSC), and Panini all have more all-time sales volume than Solana.

What triggered the surge in Solana sales?

Looking at the increasing number of unique purchasers from October 2021, the blockchain’s escalating total transaction counts totalled 83,697 unique buyers and 374,618 transactions. Solana’s sales volume had reached R4 billion by the end of October.

An increase of 83% in the number of unique buyers since October resulted in a new all-time high in the number of new buyers of NFT on Solana in January 2022. In January 2022, there were 153,602 unique buyers, which equated to 1,014,963 transactions. This month also happened to be Solana’s all-time high in monthly sales volume, at about R4 billion.

Chainers, Thug Birdz, Meerkat Millionaire Country Club, Frakt, Portals, Solsteads, Cosmic Condos, SolPunks, Blockstars, Akuma no Neko, Infinity Labs, and Solarians are among the popular NFTs on Solana that contributed to this edition.

Other notable months for Solana sales are September 2021 (R4 billion), February 2022 (R3.16 billion), April 2022 (R4.5 billion), and May 2022 (R3.9 billion).

SOL price movement

SOL began trading on January 1, 2022, at R2 606, achieved a yearly high of R2 747, on January 2, and tested a new local low of R587 on June 2. At the time of publication, SOL was trading at R612.

Overall, this translates to a 77 % in SOL pricing through 2022.

Solana blockchain exceeds R31B in all-time NFT sales

Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at [email protected]

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