After a four-month spike in NFT trading activity on the blockchain, Solana-based nonfungible tokens (NFTs) saw a historic sales volume of almost $5 billion.
As per the CryptoSlam website, there are 1.6 million vendors and 2.2 million purchasers of NFTs on the Solana blockchain. At the same time, there have been around 43 million NFT-directed transactions in total.
Concurrently, from July to October 2023, the monthly total of NFT sales on the Solana network did not exceed $40 million.
However, November of last year saw a noticeable increase in the number of transactions. There were $82 million in sales for the reporting period. From October 2023 to the present month, the number increased by 192%.
Over the following months, the direction’s sales momentum kept growing. In January 2024, NFTs with a $239 million market value were exchanged on the Solana network. The sum is $161 million as of February 23, 2024.
Over the nine months prior, sales volume exceeded $1 billion. NFTs have been sold on the Solana network for a total of $5 billion as of this writing.
In Solana, transactions totaling more than $951 billion were completed last month. The statistic from the previous month increased by thirty percent. That was $738.8 billion back then. Early in 2024, the business also said that throughout the previous year, the monthly count of active developers inside the Solana ecosystem had fluctuated between 2,500 and over 3,000.
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