Solana's NFT sales volume surpassed that of Ethereum in December 2023, marking the first time this has occurred.
Solana's NFT sales volume surpassed that of Ethereum in December 2023, marking the first time this has occurred. According to data from CryptoSlam, Solana's NFT sales reached approximately $366.5 million, while Ethereum's sales totaled $353.2 million.
When excluding wash trades, Solana's sales remained strong at $366.5 million, nearly matching its all-time high of $373.5 million set in October 2021. In contrast, Ethereum's sales were relatively flat, with December's total being comparable to November's $350 million.
Furthermore, Solana saw an increased number of unique traders, with around 218,000 unique sellers and 279,000 buyers. That is nearly double the number of unique traders compared to Ethereum.
The surge in Solana's NFT sales may be attributed to the significant rise in the value of its native token, SOL, which has more than quadrupled in price over the past three months. This has also led to the resurgence of the Solana ecosystem, coupled with a memecoin frenzy led by Bonk (BONK).
The influx of users and transactions on Solana may be driven by broader momentum around the network and the hype surrounding specific projects offering potential airdrops and other perks. Projects like Tensorians and Mad Lads generated substantial trading volume in December, contributing to Solana's overall success.
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