Solana-based non-fungible token (NFT) secondary sales volume has reached nearly $ 500 million since the beginning of August.
According to data from CryptoSlam, Solana’s NFT secondary sales have generated a total of approximately USD 497.7 million from around 348 thousand transactions as of Tuesday, with an average sale per NFT of $ 1,500.
The data shows that Solana posted a record month for NFT’s secondary sales volume during September with a total of $ 189.4 million. While Solana is seen by some as an “Ethereum killer”, The Ethereum blockchain remains the most popular, with NFT hobbyists and Ethereum side sales surpassing $ 2.2 billion that same month.
Messari research analyst Mason Nystrom highlighted the data via Twitter on Wednesday, noting that While Ethereum still “dwarfs Solana in total NFT secondary sales,” the upstart network has quickly established itself as one of the top NFT blockchains. in the space of a few months.
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
While Solana shows promising metrics in unique directions (buyers and sellers) and a lower median NFT sale price, Ethereum continues to dwarf Solana in total secondary NFT volumes.
Still, Solana has become one of NFT’s top blockchains when it comes to secondary trading in just a few months.
CryptoSlam’s ranking list of major NFT blockchains considers Solana currently in fourth place in terms of 24-hour secondary volume at $ 1.9 million. Leading the list are Ethereum (USD 37.7 million), Ronin (USD 23.5 million) and Wax (USD 4.5 million).
Solana’s main NFT project is Degenerate Ape Academy, which has generated $ 105.9 million in secondary sales since its launch in mid-August. Degenerate Ape NFTs depict animated gorilla avatars with unique traits, and the project has had secondary sales worth $ 454,000 in the last 24 hours.
According to data from CoinGecko, Solana’s SOL token price has gained 30.3% in the last 30 days to stand at around $ 225 at the time of writing. This news saw SOL mark a new all-time high of $ 229.76 on Wednesday. SOL’s market cap is now around $ 68.1 billion, making it the fifth-ranked digital asset in terms of total capitalization, ranking slightly ahead of fellow “Ethereum killer” Cardano (ADA). , which has a market capitalization of USD 63.1 billion.
Cointelegraph Markets Pro has a USD 250 target price per SOL by the end of the year, citing on-chain data from the decentralized financial sector and the derivatives market as key indicators for prediction.
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