Since the beginning of August, secondary sales volume for Solana (SOL)-based nonfungible tokens (NFTs) has reached nearly $500 million.
According to CryptoSlam data, secondary sales of Solana NFTs generated a total of approximately $497.7 million from approximately 348,000 transactions as of Nov. 2, with the average sale per NFT coming in at $1,500.
According to the data, Solana had a record month for secondary NFT sales volume in September, totaling $189.4 million. While some regard Solana as a ‘ETH killer,’ the Ethereum blockchain remains the most popular among NFT enthusiasts, with secondary sales on Ethereum exceeding $2.2 billion that same month.
On Nov. 3, Messari research analyst Mason Nystrom shared the data on Twitter, noting that while Ethereum (ETH) still “dwarfs Solana in total NFT secondary sales,” the upstart network has quickly established itself as one of the top NFT blockchains in just a few months.
.@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
According to CryptoSlam’s rankings of the top NFT blockchains, Solana is currently ranked fourth in terms of 24-hour secondary volume, with $1.9 million. Ethereum ($37.7M), Ronin ($23.5M), and Wax ($4.5M) are the leaders.
Solana’s most successful NFT project is the Degenerate Ape Academy, which has generated $105.9 million in secondary sales since its mid-August launch. The Degenerate Ape NFTs depict animated gorilla avatars with distinct characteristics, and the project has received $454,000 in secondary sales in the last 24 hours.
According to CoinGecko data, the price of SOL has risen 30.3 percent in the last 30 days to around $225 at the time of writing. SOL hit a new all-time high of $229.76 earlier today as a result of this recent pump. Solana’s market cap is now around $68.1 billion, placing it fifth in terms of total capitalization and ahead of fellow ‘ETH killer’ Cardano (ADA), which has a market cap of $63.1 billion.