Solana continues to strengthen its position among the best smart contract-powered platforms. This blockchain has reached a new milestone of all-time high NFT sales.
Solana has reached new milestones
Solana was dubbed a potential “Ethereum Killer” after being one of the few protocols that have found the answer to the blockchain trio (security, decentralization, and scalability). Over the past two years, Solana has become one of the leading chains for NFT tokens. According to crypto research by Be[In], Solana has total sales of around $2.35 billion, as of June 5.
This news is like a big impetus, reinforcing the project after the market capitalization of SOL fell by more than $14 billion in May. This milestone puts Solana in third place behind Ronin and Ethereum. With that said, Solana has achieved an all-time high NFT selling volume, surpassing Flow, Polygon, WAX, Avalanche, Palm, Tezos, Waves, Binance Smart Chain (BSC), and Panini.
Source: All-Time Blockchain NFT Sales Volume Rankings by CryptoSlam
What caused Solana sales to skyrocket?
Considering the number of unique buyers, this number is seen to be increasing since October 2021. This caused sales to skyrocket, resulting in a gradual increase in the total number of transactions on the blockchain, which was recorded. 83,697 unique buyers and 374,618 transactions. As of the end of October, Solana’s sales reached $286.4 million.
The number of unique buyers skyrocketed 83% from October leading to a new all-time high in the number of new NFT buyers on Solana in January 2022. In January 2022, the number of unique buyers was 153,602 corresponding to 1,014,963 transactions. Coincidentally, this month is also the time when Solana has an all-time high monthly revenue of about $298.69 million.
Source: Solana January 2022 Sales Volume Chart by CryptoSlam
Other months with notable contributors to Solana’s revenue are September 2021 ($263.34 million), February 2022 ($206.3 million), and April 2022 ($294.8 million). and May 2022 ($256.1 million).
SOL/USD 4-hour chart | Source: TradingView
SOL was priced at $170.31 on January 1, 2022, reached a yearly high of $179.43 on January 2, and tested a new low of $38.36 on June 2. SOL is trading at $42.95 at press time. Overall, the price of SOL has fallen by 77% throughout 2022.
Read more:
- Solana Surpassed $1.5 Billion In NFT Sales, But Still Has A Long Way To Go Before Catching Up With Ethereum
- Solana’s Stablecoin Project Cashio Lost $50 Million In A Hack