In December 2023, Solana outpaced Ethereum in NFT sales volume for the first time ever. According to CryptoSlam data, Solana’s NFT sales hit around $366.5 million, surpassing Ethereum’s sales, which totaled $353.2 million.
Even when excluding wash trades, Solana’s sales remained robust at $366.5 million, closely approaching its previous record of $373.5 million set in October 2021. On the flip side, Ethereum’s sales remained relatively steady, with December’s total comparable to November’s at $350 million.
Solana experienced a surge in the number of unique traders, boasting around 218,000 distinct sellers and 279,000 buyers—almost double the number seen on Ethereum.
The spike in Solana’s NFT sales can be attributed to the remarkable surge in the value of its native token, SOL, which has quadrupled in price over the past three months. This resurgence of the Solana ecosystem coincided with a memecoin craze, notably led by Bonk (BONK).
The increased user and transaction influx on Solana might be driven by the broader momentum surrounding the network and the buzz generated by specific projects that offer potential airdrops and other incentives. Projects like Tensorians and Mad Lads significantly contributed to Solana’s overall success by generating substantial trading volume in December.
