Solana secondary NFT sales reach half a billion in three months

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Secondary gross sales quantity for Solana (SOL) primarily based nonfungible tokens (NFTs) has reached virtually $500 million because the begin of August.

In accordance with information from CryptoSlam, secondary gross sales of Solana NFTs have generated a complete of roughly $497.7 million from round 348,000 transactions as of Nov. 2, with the typical sale per NFT tallying in at $1,500.

The info exhibits that Solana noticed a document month for secondary NFT gross sales quantity throughout September with a complete of $189.4 million. Whereas Solana is seen by some as an ‘ETH killer’ the Ethereum blockchain stays the preferred with NFT aficionados and secondary gross sales on Ethereum topped $2.2 billion that very same month.

Secondary NFT gross sales quantity on Solana: CryptoSlam

Messari analysis analyst Mason Nystrom highlighted the info through Twitter on Nov. 3, and famous that whereas Ethereum (ETH) nonetheless “dwarfs Solana in complete NFT secondary gross sales,” the upstart community has shortly established itself as one of many prime NFT blockchains within the house of some months.

CryptoSlam’s rankings of the highest NFT blockchains sees Solana presently sitting at fourth by way of 24-hour secondary quantity with $1.9 million. Main the pack are Ethereum ($37.7M), Ronin ($23.5M) and Wax ($4.5M).

Solana’s prime NFT venture is the Degenerate Ape Academy, which has generated $105.9 million value of secondary gross sales since its launch in mid-August. The Degenerate Ape NFTs depict animated gorilla avatars with distinctive traits, and the venture has seen $454,000 value of secondary gross sales over the previous 24 hours.

Degenerate Ape NFTs: Degenerate Ape Academy

Associated: Beyond the NFT hype: Creating lasting business models for artists

In accordance with information from CoinGecko, the worth of SOL has gained 30.3% over the previous 30 days to sit down at round $225 on the time of writing. This recent pump has seen SOL tag a brand new all-time excessive of $229.76 earlier right now. The market cap of Solana is now round $68.1 billion, making it the fifth-ranked digital asset by way of complete capitalization, and forward of fellow ‘ETH killer’ Cardano (ADA) which has a market cap of $63.1 billion.

Cointelegraph Markets Professional has a value target of $250 per SOL by year-end, citing on-chain information from the DeFi sector and the derivatives market as key indicators for the prediction.