Since August began, Solana’s (SOL) secondary sales volume for non-fungible tokens (NFTs) has skyrocketed up to nearly $500 million. According to CryptoSlam, these secondary sales generated around $497.7 million from approximately 348,000 transactions as of November 2, 2021. Each NFT has an average sale of $1,500, which is undoubtedly impressive.
Based on CryptoSlam’s data, September was a record month for Solana, as its secondary NFT sales volume reached as high as $189.4 million. Although many people consider Solana the “ETH killer,” Ethereum still remains on top of the crypto charts. In fact, the secondary sales on Ethereum reached $2.2 billion around the same month.
.@DegenApeAcademy leads Solana NFT projects in cumulative secondary trade volume.
Most Solana NFT projects fall within the pfp/avatar category and like Ethereum will likely follow a power-law distribution with the top projects retaining a majority of the value in the pfp market. pic.twitter.com/AVVbKjLDV5
— Mason Nystrom (@masonnystrom) November 2, 2021
So while Ethereum remains the dominant NFT market leader today, Solana has begun to carve out its space within the NFT landscape. https://t.co/3kIaoF3qhb
— Mason Nystrom (@masonnystrom) November 2, 2021
Mason Nystrom, a Messari research analyst, discussed this particular data in a series of tweets on November 3, 2021. He noted that even though Ethereum still continues to surpass Solana in terms of “total NFT secondary sales,” the latter has been quickly making a solid name for itself as one of the top-ranking NFT blockchains in a span of only a couple of months.
CryptoSlam ranks Solana in fourth place in terms of secondary sales volume within 24 hours (with $1.9 million). On top of the same ranking includes Ethereum with $37.7 million, Ronin with $23.5 million, and Wax with $4.5 million.
At the moment, Solana’s biggest NFT project is called the Degenerate Ape Academy. Since its initial launch in mid-August, this project has already generated $105.9 million in terms of secondary sales. This particular project is depicted by animated gorilla avatars, each one having its own unique traits. Within the past 24 hours, Degenerate Ape Academy was already able to accumulate about $454,000 in secondary sales.
CoinGecko states that over the past 30 days, Solana’s price increased by 30.3%, now sitting at around $225. And given the recent SOL pump, the price has risen to $229.76, which is Solana’s all-time high.
The crypto’s market cap is now around $68.1 billion, making it top five among all the other digital assets in terms of overall capitalization. Not only that, but Solana is also ahead of Cardano (ADA), another supposed “ETH killer,” which currently has a market cap of about $63.1 billion.
