- Solana recorded a spike in NFT sales volume in the past 24 hours.
- The general NFT market has witnessed a decline in sales activity in the last month.
- According to CryptoSlam’s data, Solana-based NFTs have climbed by over 30% in sales volume.
Discover the recent surge in Solana NFT sales and the broader trends in the NFT market.
Solana NFT Sales Surge: A Closer Look
The sales volume of Solana [SOL]-based non-fungible tokens (NFTs) has climbed by over 30% in the past 24 hours, according to CryptoSlam’s data. During this period, the value of all Solana-minted NFTs sold totaled $3.17 million, with 78,165 NFT sales transactions completed on the Solana network.
Comparative Analysis: Ethereum and Bitcoin NFT Sales
In comparison, the past 24 hours have been marked by a decline in NFT sales volume on the Ethereum [ETH] network. With $7 million recorded in sales during that period, the chain has logged a 20% fall. Conversely, the Bitcoin [BTC] network has fared considerably better, with a 10% surge in NFT sales volume during the same period.
The NFT Market in the Last Month
The NFT market has witnessed a steady decline in trading activity in the last month. According to NFTGo’s data, in the past 30 days, the total volume of NFT sales across all collections was $448 million, recording a 15% fall. However, due to the recent surge in the values of several cryptocurrency assets, NFT market capitalization has registered a minor rally. At $8 billion as of this writing, this has risen by 1% in the last month.
How Leading NFT Collections Have Fared
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According to data from NFT Floor Price, the floor price of the leading NFT project, Bored Ape Yacht Club (BAYC), was 13 ETH (valued at $49,000) at press time. In the past 24 hours, the collection’s value has risen by 2%. Due to this uptick in value, its sales activity has dropped. Only 16 BAYC NFTs were sold during that period, a 56% reduction in sales count in the past 24 hours.
Regarding CryptoPunks, the largest NFT collection by market capitalization, its floor price was 40 ETH ($131,000) as of this writing. In the past 24 hours, only 3 NFTs from the collection have been sold.
Conclusion
In summary, while Solana has experienced a notable surge in NFT sales volume, the broader NFT market continues to face challenges with declining sales activity. Ethereum has seen a drop in sales, whereas Bitcoin has shown some resilience. As the market evolves, it will be crucial to monitor these trends and their implications for future NFT investments.