NFT REVIEW NEWS Solana’s NFT Trading Volume Hits $2 Billion

Solana, one of the few blockchain protocols to rival the ever-dominant Ethereum blockchain, has surpassed $2 billion in all-time NFT sales. Although still lightyears from figures generated by front runners Ethereum, Solana has firmly cemented itself at third place with recent collections such as Trippin’ Ape Tribe and Okay Bears proving that the blockchain remains a productive avenue for building successful NFT concepts on.

The specific figure of Solana’s NFT trading volume is $2.35 billion, which was recorded on June 5th. As per DappRadar, the Degenerate Ape Academy NFT collection has been the biggest contributor to achieving this milestone, after generating around $129 million of trade volume. Other notable projects include Solana Monkey Business and Aurory, which have generated $108 million and $82 million respectively.

Although the news is promising and worthy of celebration, the blockchain has still felt the effects of the 2022 Q2 bear market, as its native asset $SOL fell more than $14 billion in market capitalisation last month. That being said, May also marked the first time in which Solana surpassed Ethereum’s NFT trading volume within a 24-hour window.

If Solana strives to be the most used blockchain of them all, it still has a very long way to go, as Ethereum’s Terraforms and Meebits collections each trump Solana’s overall trade volume by four to five times, whilst collections such as BAYC, CryptoPunks, and dotdotdots each have trade volumes in and around $2 billion.

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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.

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