Solana's secondary NFT sales reach nearly $500 million in three months

Secondary market sales of Solana-based non-fungible tokens (NFTs) have reached nearly $500 million since early August.

As of Tuesday, secondary sales of Solana NFTs have generated roughly $497.7 million from roughly 348,000 transactions, averaging $1,500 per NFT, according to CryptoSlam.

Data shows that Solana’s secondary market NFT sales hit a record $189.4 million in September. While Solana is viewed by some as an "Ethereum killer," the Ethereum blockchain remains the most popular among NFT enthusiasts, with Ethereum secondary NFT sales exceeding $2.2 billion in the same month.

Solana secondary NFT sales source: CryptoSlam

Messari research analyst Mason Nystrom highlighted the figures on Twitter on Wednesday, noting that while Ethereum "still dwarfs Solana in NFT secondary sales," the fledgling network has quickly become a global leader in just a few months. One of the top NFT blockchains.

While Solana is showing promising metrics in terms of unique addresses (buyers and sellers) and lower average NFT selling prices, Ethereum still dwarfs Solana in total NFT secondary sales.

Nonetheless, Solana has become one of the most secondary-traded NFT blockchains in just a few months.

— Mason Nystrom (@masonnystrom) November 2, 2021

In CryptoSlam's ranking of the top NFT blockchains, Solana is currently in fourth place with $1.9 million in 24-hour secondary transaction volume. Leading the way are Ethereum ($37.7 million), Ronin ($23.5 million) and Wax ($4.5 million).

Solana’s top NFT project is Degenerate Ape Academy, which has generated $105.9 million worth of secondary sales since launching in mid-August. The Degenerate Ape NFT, which depicts an animated gorilla with unique features, has seen $454,000 in secondary sales in the past 24 hours.

Degenerate Ape NFT Source: Degenerate Ape Academy

According to data from CoinGecko, the price of Solana’s SOL token has risen by 30.3% in the past 30 days and is trading around $225 as of this writing. The recent gains took SOL to an all-time high of $229.76 earlier on Wednesday. Currently, SOL has a market cap of around $68.1 billion, making it the fifth-largest digital asset by market capitalization, slightly ahead of another “Ethereum killer” Cardano (ADA), which has a market cap of $63.1 billion.

Cointelegraph Markets Pro set a price target for SOL at $250 by the end of the year, citing on-chain data from the decentralized finance space and derivatives markets as key indicators for the forecast.

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