Solana is the third-most successful blockchain, with a combined NFT sales volume of around $2.48 billion. According to Be[In]Crypto research, sales volume for the chain was approximately $91.52 million in June.
However, June’s figure was a 64% drop in sales from May. In May, the volume on the blockchain was $261.07 million.
New to Solana NFTs?
Launched in March 2020, Solana Labs and the Solana Foundation oversee the development of the ecosystem. The blockchain processes at least 3,000 transactions, which come at an average cost of $0.00025 per transaction.
Some of the popular NFTs on the platform include Chainers, Thug Birdz, Meerkat Millionaire Country Club, Frakt, Portals, Solsteads, Cosmic Condos, SolPunks, Blockstars, Akuma no Neko, Family Sol, Transdimensional Fox Federation, Aurory, Degenerate Ape Academy, Rogue Sharks, Infinity Labs, Galactic Geckos Space Garage, Solana Monkey Business, Boryoku Dragonz, and Pesky Penguins.
Why the waning sales?
The fall in average sale value was the reason for the sinking NFT sales. Despite reaching an all-time high in monthly sales volume during April, the average sale value in June was much lower.
In June, the average sale value of an NFT was $58.50, and this was a 79% decrease from April’s $387.43.
Volume for April was approximately $311.55 million.
SOL price reaction
SOL opened on June 1, with a trading price of $45.77, reached a monthly high of $45.95, tested a monthly low of $26.06, and closed the month at $33.59. Overall, this equates to a 26% decrease between the opening and closing price of SOL in June.
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.