Originally published on: November 02, 2024
In a surprising turn of events, non-fungible tokens (NFTs) have seen a significant 18% surge in sales volume on the Solana blockchain, nearing a whopping $6 billion in all-time volume. This surge comes after a seven-month downward trend in the NFT market, marking a promising change for digital collectibles.
Throughout 2024, NFT volumes had been steadily declining since reaching a high of $1.6 billion in March. However, October brought a much-needed boost to the NFT market, with monthly sales volume totaling $356 million, an 18% increase from the previous month.
The uptick in NFT sales also saw an increase in total transactions, totaling 7.2 million in October, a 42% jump from September. This surge in sales is a positive sign for the NFT market, hinting at a potential revival in digital collectibles.
Leading the charge in NFT sales volume for the last 30 days is the Mythos Chain-based NFT collection DMarket, with an impressive $33 million in sales. Following closely behind is the Immutable-based collection Guild of Guardians Heroes, raking in $13 million in sales.
Popular Bitcoin and Ethereum-based collections such as Bitcoin Puppets, Bored Ape Yacht Club, and CryptoPunks also saw strong volumes in October, solidifying the continued interest in these established NFTs.
Not to be outdone, Solana-based NFT collections like DogeZuki, Froganas, and Retardio Cousins made their mark in October, with a combined sales volume of nearly $25 million last month. Solana-based NFTs accounted for 19% of the overall NFT monthly volume, reaching an impressive all-time sales volume of almost $6 billion.
As the second-ranked blockchain in overall NFT sales, Solana is proving to be a formidable player in the NFT market, making waves with its impressive sales volume and continued growth.
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