MILESTONE | Monthly NFT Sales on Solana OutPaced Ethereum for the First time in December 2023

The monthly sales volume of NFTs on the Solana network surpassed that of NFTs on Ethereum in December 2023, marking the first time this has occurred.

Data from the analytics platform, CryptoSlam, shows that Solana NFT sales amounted to approximately $366.5 million in December 2023, surpassing the $353.2 million recorded on the Ethereum network during the same period.

Here are stats from the report:

• CryptoSlam’s ‘organic’ sales figures, which exclude suspicious trades marked as ‘wash trading,’ show that approximately $381 million worth of Ethereum sales were excluded, while only $10.1 million worth of Solana sales were removed from the data.

• Solana’s total of $366.5 million in trades nearly reached the network’s all-time high, as reported by CryptoSlam. The previous peak was approximately $373.5 million worth in October 2021, a time when the cryptocurrency space was gaining significant momentum.

• Solana witnessed approximately double the number of unique buyers and sellers compared to Ethereum during the same month. Additionally, the network recorded a significantly higher total number of NFT transactions during that period.

• According to CryptoSlam, Solana had approximately 218,000 sellers and 279,000 buyers involved in nearly 6.6 million NFT transactions. In contrast, Ethereum had around 114,000 sellers and over 143,000 buyers participating in about 698,000 transactions during the same period.

• Ethereum’s NFT sales volume in December 2023 remained relatively stable, hovering around the previous month’s total of nearly $350 million. In contrast, Solana experienced a substantial surge from approximately $83 million worth in November 2023.

• The increase in users and transactions on Solana may be attributed to the broader momentum surrounding the platform and the excitement surrounding specific projects, which offer potential access to airdrops and other incentives. For instance, Tensorians, the NFT project associated with the prominent Solana marketplace, Tensor, recorded $28 million worth of trades in December 2023, while Mad Lads generated $24.5 million in trades.

• The leading Ethereum NFT project in December 2023 was the Bored Ape Yacht Club, with NFT trades amounting to $19.5 million. Following closely, Pudgy Penguins secured the second spot with approximately $18.3 million worth of trades.