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Solan NFT Sales Reach $5 Billion in Volume

Solan NFTs Achieve $5 Billion in Sales, Marking a Significant Milestone in December 2023.

Solana-based Non-Fungible Tokens (NFTs) have reached a remarkable sales volume of over $5 billion, following a surge in NFT trading activities on the blockchain over the last four months. According to data aggregator CryptoSlam, the all-time sales volume for NFTs on the Solana network has hit $5,013,847,972 as of February 23. This milestone is supported by over 2.2 million buyers and 1.6 million sellers, contributing to nearly 43 million NFT transactions on the blockchain.

Despite a sluggish performance in the four months leading up to November 2023, with Solana-based NFTs struggling to register a monthly sales volume higher than $40 million since July 2023, the tide began to change in October 2023. November saw the sales volume of Solana-based NFTs revitalized, reaching approximately $82 million, marking a 192% increase from the previous month’s sales of around $28 million.

The momentum continued in the following months, with Solana NFTs registering about $365 million in sales in December 2023. This was the second-highest monthly sales figure for the platform, following the record $373 million in October 2021. Although sales slightly dipped in January, Solana NFTs still recorded over $239 million in sales for the month, with the February sales volume standing at $161 million at the time of this report.

The surge in Solana NFT sales in December 2023 coincided with a bullish price action for the Solana token (SOL), which reached its peak at $121.45 with a trading volume of $5.7 billion on December 26, according to CoinGecko. This performance indicates a significant increase in trading activities and interest in Solana-based NFTs, contributing to over $1 billion in sales over the past nine months.

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