‘Ethereum-Killer’ Solana Achieves Milestone: Outpaces Ethereum in NFT Sales Volume

Key Takeaways:

• Solana Surpasses Ethereum: December 2023 marks the first instance where Solana’s NFT sales volume exceeds Ethereum’s, reaching $366.5 million compared to Ethereum’s $353.2 million, as per CryptoSlam data.
• Solana’s Price Surge Impact: While Solana’s price surge partly contributed to the spike in NFT sales, the substantial increase in traders and transactions suggests broader momentum within Solana’s ecosystem.
• Impressive User Engagement: Solana attracted double the unique buyers and sellers of Ethereum, recording 218,000 sellers, 279,000 buyers, and almost 6.6 million NFT transactions, indicating strong user engagement.
• Project Contributions: Projects linked to Solana, such as Tensorians and Mad Lads, significantly contributed to the surge in users and transactions, recording notable trade volumes in December.
• Bitcoin Ordinals’ Dominance: Despite Solana’s achievement, Bitcoin Ordinals generated more trading volume than both Ethereum and Solana combined, highlighting a diverse landscape in the NFT market across various platforms.

In a groundbreaking turn of events, Solana, riding the wave of its recent surge, surpassed Ethereum in December 2023 for the first time in Non-Fungible Token (NFT) sales volume, as revealed by data from CryptoSlam.

During the month, Solana’s NFT sales reached approximately $366.5 million, edging past Ethereum’s $353.2 million. Notably, these figures exclude suspicious trades labeled as “wash trading,” with CryptoSlam excluding around $381 million from Ethereum sales and only $10.1 million from Solana sales.

The impressive $366.5 million in Solana trades nearly equaled its all-time high, recorded at approximately $373.5 million in October 2021. While daily Solana NFT sales had occasionally surpassed Ethereum, this is the first instance of Solana leading in a full month’s worth of trades.

The surge in Solana’s volume extended to unique buyers and sellers, surpassing Ethereum by twofold in December. Solana witnessed approximately 218,000 sellers, 279,000 buyers, and nearly 6.6 million NFT transactions, while Ethereum recorded about 114,000 sellers, over 143,000 buyers, and 698,000 transactions.

Moreover, Solana’s dramatic price escalation—up over 71% in the last month and quadrupling over three months—partly contributed to the spike in its NFT sales in December. Yet, this price increase does not entirely account for the substantial rise in unique traders and transactions, indicating a broader momentum around Solana’s ecosystem.

Read More: Solana Price Prediction

Projects tied to Solana, like Tensorians and Mad Lads, also contributed significantly to the surge in users and transactions. Tensorians alone amassed $28 million worth of trades, while Mad Lads generated $24.5 million in December.

Despite the remarkable performance of Solana, CryptoSlam’s data also underlines the dominance of Bitcoin Ordinals in terms of trading volume, outperforming Ethereum and Solana combined with $881.2 million in trades across 493,000 transactions in December. This indicates a diverse landscape where various platforms vie for dominance in the rapidly evolving NFT market.

Additional Read: How to Claim Free Solana Airdrops?

Source: Decrypt