Solana's NFT trading volume sees a 25% weekly rise


Solana’s non-fungible tokens (NFTs) weekly trading volume surpassed $62 million, showing a 25% rise according to on-chain data aggregator CryptoSlam. After a slow January start, Solana (SOL) NFT activity seems to be picking up, with almost $190 million in trading volume this month.

In December 2023, Solana’s NFT sales volume went over $365 million and overtook Ethereum’s, only standing behind Bitcoin’s market share. Even with the relatively small volume when compared to last month’s, January’s total amount of sales is the highest Solana has had since May 2022.

Despite the rise in sales volume, the number of NFT-related transactions made on Solana’s blockchain fell by 15%. This indicates larger average transactions, which can be related to the NFT collection Tensorians. Their trading volume rose 107% over the past seven days, reaching $4.6 million, and each Tensorian has an 88 SOL floor price.

CryptoUndeads and Froganas were also among last week’s most popular Solana NFT collections, showing $15 million and $4.6 million, respectively.

Moreover, another interesting development in Solana’s NFT market seen in the past seven days is the fall in transactions labeled by CryptoSlam as wash trading. Although the amount is still relevant, a total of $3.6 million, this is almost 50% less than what was registered from January 11 to 17. In comparison, the amount of NFT sales on Ethereum labeled last week as wash trading is $90.5 million.

Source : Crypto Briefing / Jan 25, 2024 logo


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