Solana Blockchain Surpasses $2 Billion in All-Time NFT Sales

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In Brief
  • Solana has reached new milestones despite an overall decline in NFT sales.

  • Average monthly NFT sales volume on Solana is around $150 million in 2022.

  • Combined sales volume hit approximately $2.35 billion as of June 2022.

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Solana continues to fight for its place among the best smart contracts-backed platforms after reaching new milestones with regard to the biggest blockchains by all-time NFT sales volume. 

Solana has been tagged as a potential Ethereum Killer after becoming one of the few protocols that have found an answer to the blockchain trilemma (security, decentralized, and scalability). 

In a little over two years, Solana has become one of the go-to chains for non-fungible tokens (NFTs). According to Be[In]Crypto research, Solana had a total sales volume of around $2.35 billion, as of June 5. 

This comes as a boost to the project after its native asset, SOL, tumbled by more than $14 billion in market capitalization in May.  

The milestone puts Solana in third place behind Ronin and Ethereum. 

With that said, Solana commands a higher all-time sales volume than Flow, Polygon, WAX, Avalanche, Palm, Tezos, Waves, Binance Smart Chain (BSC), and Panini. 

Source: All-Time Blockchain NFT Sales Volume Rankings by CryptoSlam

What caused soaring Solana sales volume? 

When looking at the increasing number of unique buyers from October 2021, the surge in sales led to the blockchain’s ascending total transaction counts totaling 83,697 unique buyers and 374,618 transactions. By the end of October, Solana’s sales volume was in the region of $286.4 million. 

An 83% spike in the number of unique buyers from October led to a new all-time high in the number of new buyers of NFT on Solana in January 2022. In January 2022, unique buyers were 153,602 which corresponded to 1,014,963 transactions. Coincidentally, this month also proved to be Solana’s all-time high in monthly sales volume with around $298.69 million.

Source: Solana January 2022 Sales Volume Chart by CryptoSlam

Popular NFTs on Solana that contributed to this volume include but are not limited to Chainers, Thug Birdz, Meerkat Millionaire Country Club, Frakt, Portals, Solsteads, Cosmic Condos, SolPunks, Blockstars, Akuma no Neko, Infinity Labs, and Solarians. 

Other months that made noteworthy contributions to Solana sales were September 2021 ($263.34 million), February 2022 ($206.3 million), April 2022 ($294.8 million), and May 2022 ($256.1 million). 

SOL price reaction 

SOL opened on Jan. 1, 2022, with a trading price of $170.31, reached a yearly high of $179.43 on Jan. 2, and tested a new local low of $38.36 on June 2. SOL was trading at $40 at the time of press.

Overall, this equates to a 77% decrease in the price of SOL throughout 2022. 

Source: SOL/USD Chart by TradingView

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As a writer, researcher, and analyst of centralized and decentralized financial instruments (stocks, commodities, metals, and cryptocurrencies), he started experimenting with financial asset trading in 2011. He ventured into full-time long term investing of cryptocurrencies in 2016.

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