Solana broke a new NFT sales record, surpassing a total trading volume of $1.000 billion.
Solana, one of the most promising blockchains for the NFT, metaverse and gaming market blockchain, recently surpassed an NFT sales volume of more than $1.000 billion.
According to CryptoSlam data, Solana began to gain importance in the NFT market since August 2021, when the adoption of this blockchain began to skyrocket transaction and sales volumes. non-fungible tokens within the network. Data indicates that in August, Solana racked up a total of $160 million in NFT sales. At the moment, The sales volume of these tokens on the network exceeds 1.023 million dollars.
It may interest you: Solana conquers NFT developers and gains ground against Ethereum
Solana gains ground in NFTs
Monthly sales volumes of non-fungible tokens on Solana grew steadily during the months of September and October, with 58% and 65% growth, respectively, compared to the month of August.
Source: CryptoSlam
Also, the number of active NFT buyers within this blockchain has grown exponentially in recent months. From August to date, Solana has seen its number of NFT buyers and users grow by 140%. In contrast, the number of active non-fungible token traders has fallen since last month.
Another important data that CryptoSlam reveals is the number of NFT transactions executed within the network. The month with the highest number of non-fungible token transactions on Solana was October, with more than 255.700 transactions made. In total, this blockchain network accumulates more than 807.600 NFT transactions. The average value for these non-fungible token transactions is over $1.390, according to the data.
The new Visa of cryptocurrencies
Although NFT volumes traded through Solana still represent a small fraction of what moves on the blockchain Ethereum, the high level of scalability and performance of this blockchain are making it a very attractive network for NFT and blockchain game developers.
Recently, JP Morgan analysts they shared a report with its investors, highlighting the role Solana is playing as a competitor to Ethereum, as the demand and popularity of NFT tokens grows globally. According to JP Morgan, Solana is gaining ground on Ethereum in the NFT market, becoming the favorite network of several non-fungible token developers, for whom using Ethereum has become practically unviable due to high gas costs.
In addition to JP Morgan, Bank Of America analysts were also positive about Solana, indicating that this blockchain has the necessary attributes to become “the new Visa of cryptocurrencies.”
A developing ecosystem
Solana has been attracting large projects and developers to its ecosystem. For example, Justin kan, co-founder of Twitch, decided to launch his NFT Fractal marketplace on this blockchain network. Likewise, the founder and CEO of FTX, Sam Bankman Fried, highlighted that Solana, which can scale to millions of transactions per second (TPS), has the potential to surpass Bitcoin as the leading protocol in the crypto industry. SBF integrated Solana into its NFT marketplace to allow its users to access the NFT projects that exist and are developed within this blockchain.
On the other hand, the European e-sports company, G2 Esports, recently announced that it will launch a collection of NFTs on the Solana blockchain, highlighting the energy efficiency of its protocol.
Although Solana does not yet have NFT projects as attractive as some of those that have been born on Ethereum, it has celebrated individual NFT sales of up to $2,1 million.
Continue reading: The energy consumption of the Solana network is much lower than that of Google, iPhones and other cryptocurrencies
