Solana NFT Sales Surpass $5 Billion

Sales of non-fungible tokens (NFTs) on the Solana network have reached a total of $5 billion. Of this, $217 million was recorded in the past 30 days, according to CryptoSlam.

December 2023 marked the second-highest month for NFT sales on Solana, following October 2021, with $365 million and $373 million respectively.

According to CryptoSlam, the network has recorded over 2.2 million buyers and 1.6 million sellers of non-fungible tokens. The total number of NFT transactions has exceeded 43 million.

Figures surged at the end of 2023 as Solana’s cryptocurrency rose above $118. At the time of writing, the SOL token is trading at $102. The project’s market capitalization stands at $45 billion, according to CoinGecko.

In early 2024, the daily transaction volume on the Solana blockchain exceeded $40 billion, reaching its highest level since October 2022.

On February 6, the network experienced another outage. Experts attributed the periodic issues with the blockchain’s operation to its inability to handle the increasing transaction volume.