Solana exceeds $1.5 Billion in NFT transactions

Solana's NFT sales have topped $1.5 billion, but it still has a long way to go before catching up to Ethereum.


According to data supplied by NFT data portal CryptoSlam, total transaction volume for Solana-based non-fungible tokens has surpassed $1.5 billion.


According to data supplied by NFT data portal CryptoSlam, total transaction volume for Solana-based non-fungible tokens has surpassed $1.5 billion.
cryptoslam.io

Solana was able to reach the new milestone only a few months after breaking the $1 billion barrier for the first time.


With 314,910 buyers and 260,844 sellers, NFTs issued on Solana have created almost two million transactions.


Last September, a Degenerate Ape Academy NFT sold for $1 million, a first for Solana, who now joins the ranks of eminent Ethereum-based NFT ventures like CryptoPunks.


Solana sprang to prominence in 2021 as a low-cost alternative to Ethereum, which is still plagued by high transaction fees and sluggish transaction speeds.


According to CryptoSlam data, Solana has witnessed a 55.34 percent spike in NFT sales in the last week.


JPMorgan projected earlier this year that Solana may potentially outperform Ethereum in the NFT market, despite the fact that the latter is less decentralized.


It is, nevertheless, unable to compete with the market leader. Ethereum has made a staggering $21 billion in sales.


Solana also lags behind Axie Infinity's Ronin, the beleaguered sidechain solution that was recently hacked and lost $540 million.