Secondary sales volume for Solana (SOL) based nonfungible tokens (NFTs) has reached around $500 million since the start of August. Based on data acquired from CryptoSlam, secondary sales of Solana NFTs have generated a total of about $497.7 million from approximately 348,000 transactions as of November 2.
The average sale per NFT tallied in at $1,500. Secondary sales volume for Solana (SOL) based on the NFTs has reached a staggering $500 million since the start of August. The data indicate that Solana saw an incredible record month for these secondary NFT sales volumes in September. This month recorded a total of $189.4 million.
While Solana is considered by many as an ‘ETH killer’ the Ethereum blockchain is still the most popular with NFT assets and aficionados. Secondary sales on Ethereum surpassed $2.2 billion in the same month of September.
CryptoSlam ranks Solana as the fourth-best NFT blockchain with a volume of $1.9 million with Ethereum ($37.7M), Ronin ($23.5M), and Wax ($4.5M) ahead of it in terms of 24-hour sales volume.
Mason Nystrom, a Messari research analyst, highlighted this data through Twitter on November 3 and said that while Ethereum still “dwarfs Solana in total NFT secondary sales,” the upstart network has rapidly established itself as one of the top NFT blockchains within a few months.
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While Solana displays promising metrics in unique addresses (buyers and sellers) and a lower avg NFT sale price, Ethereum still dwarfs Solana in total NFT secondary volumes.
Still, Solana has become one of the top NFT blockchains by secondary trading in mere months. pic.twitter.com/9HfOp7IRut
— Mason Nystrom (@masonnystrom) November 2, 2021
Solana NFT Projects Flying High
Solana’s top NFT project is the Degenerate Ape Academy that has generated $105.9 million worth of secondary sales. These impressive sales have happened since its launch in mid-August. The Degenerate Ape nonfungible tokens depict animated gorilla avatars with unique traits, and the project has seen $454,000 worth of secondary sales over the last 24 hours.
Based on data from CoinGecko, the price of SOL has gained around 30.3% in the last 30 days to trade at around $225 at the time of publication. The recent pump has seen SOL tag a new all-time high of $229.76 earlier today.
Solana’s market cap is now about $68.1 billion, making it the fifth-ranked digital asset in terms of total capitalization, and ahead of fellow ‘ETH killer’ Cardano (ADA) that has a market cap of $63.1 billion.
Some analysts have a price target of $250 per SOL by the end of 2021, citing on-chain data from the DeFi industry and the derivatives market as key indicators for the forecast.