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Solana NFT Secondary Sales Surges to $500 Million

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Since the beginning of August, the secondary marketplace for Solana-Based {SOL} NFTs has reached nearly $500 million.

Based on facts and figures from CrptoSlam, Solana’s secondary sales of NFTs generated an aggregate of about $497.7 million. SOL generates this amount from 348,000 transactions created on November 2. The worth of each NFT comes in at $1,500 during the sale.

In September, SOL had a record month for secondary NFT sales volume amounting to $189.4. With some regard, Solana is also viewed as an ‘Ethereum Killer’; The Ethereum blockchain remains the foremost current among NFT enthusiasts, and secondary sales on Ethereum transcending $2.2 billion within the same month.

On November 3, Messari’s research analyst Mason Nystrom wrote on Twitter that,

“While Solana displays promising metrics in unique addresses (buyers and sellers) and a lower avg NFT sale price, Ethereum still dwarfs Solana in total NFT secondary volumes. Still, Solana has become one of the top NFT blockchains by secondary trading in mere months.”

Mason proceeds to write that Ethereum is the outstanding NFT market leader today; Solana is carving out a niche within the NFT platform.

Mason says,

“Whether or not Solana can manifest this initial energy into long-term NFT growth is yet to be determined, but current signs present valid reasons to be optimistic about Solana’s burgeoning NFT ecosystem.”

The Degenerate Ape Academy

Solana presently ranks fourth among the best NFT blockchains. This is according to CryptoSlam, formulated upon the 24-hour secondary volume, with $1.9 million. Ethereum ($37.7 million), Ronin ($23.5 million), and Wax ($4.5 million) are in the lead.

The Degenerate Ape Academy is Solana’s primary NFT project, since its premiere about three months ago. The Degenerated Ape Academy raised $105.9 in secondary sales. The project features animated gorilla avatars with distinct traits, and it has generated $454,000 in secondary sales within the last 24 hours.

Solana’s worth has risen by 30.3% in the last month to around $229.76, according to information from CoinGecko. Its market capitalization is presently about $69.37 billion following the 7% surge within the last 24 hours. This places it fifth among the most prominent digital assets by total capitalization. Cardano (ADA), with a market cap of $63.1 billion.

The rising number of nonfungible token (NFT) projects on Solana, according to independent market analyst Pentoshi, is one of the main reasons for the token’s price surge, recalling a tweet from August 16 that correctly predicted a bull run for the token.

Solana’s battle for the top-five cryptocurrency spot followed its resurgence in the fourth and final quarters of 2021. The native token of the Solana blockchain has increased by over 65 percent since October 1. The returns on ADA, conversely, were only 2.13% over an equivalent period.

The Future of Solana NFT

Generally, it is worth noting that Solana is making significant progress in terms of NFT secondary sales volume.  Momentarily, Ethereum “still outsells Solana in terms of total NFT secondary sales,” Contrarily, in a couple of months, the network will establish itself among the best blockchain NFT. However, NFT is still thriving, but it is unknown whether it will surpass Ethereum in matters of sales.

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