Secondary sales of Solana-based non-fungible tokens (SOL) have reached nearly $500 million since the beginning of August.
According to data from CryptoSlam, secondary sales of Solana NFTs generated a total of approximately $497.7 million from approximately 348,000 transactions as of November 2, with an average sale per NFT of $1,500.
The data shows that Solana had a record month for secondary NFT sales volume during September totaling $189.4 million. While Solana is seen by some as an ‘ETH killer’, the Ethereum blockchain remains the most popular with NFT aficionados and secondary sales on Ethereum topped $2.2 billion in the same month.
Messari Research Analyst Mason Nystrom highlighted the data via Twitter on November 3, noting that while Ethereum (ETH) still “dwarfs Solana in total secondary NFT sales,” the emerging network is quickly establishing itself as one of the top NFT blockchains in the world. In a few months.
While Solana displays promising metrics at unique addresses (buyers and sellers) and a lower average NFT selling price, Ethereum still dwarfs Solana in total secondary NFT volumes.
With that said, Solana became one of the top NFT blockchains with secondary trading in just months. pic.twitter.com/9HfOp7IRut
– Masonnystrom (@masonnystrom) November 2, 2021
CryptoSlam’s Top NFT Blockchain rankings see Solana currently ranked fourth by 24-hour secondary volume at $1.9 million. The group is led by Ethereum ($37.7 million), Ronin ($23.5 million) and Wax ($4.5 million).
Solana’s most significant NFT project is the Degenerate Ape, which has generated $105.9 million in secondary sales since its launch in mid-August. The Degenerate Ape NFTs depict animated gorillas with unique themes, and the project has seen secondary sales of $454,000 in the past 24 hours.
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According to CoinGecko data, the price of SOL has increased by 30.3% over the past 30 days to remain at around $225 at the time of writing. This latest pump saw SOL mark a new all-time high of $229.76 earlier today. Solana’s market capitalization is now around $68.1 billion, making it the fifth digital asset by total capitalization, and ahead of Cardano (ADA) which has a market capitalization of $63.1 billion.
Cointelegraph Markets Pro has a price target of $250 per SOL by the end of the year, citing on-chain data from the DeFi segment and the derivatives market as leading indicators for forecasting.