- Solana overtook Ethereum in monthly NFT sales volume in December 2023, marking the first time Solana surpassed Ethereum with $3.66 billion versus $3.53 billion.
- Solana saw nearly double the number of unique NFT buyers and sellers as Ethereum in December, indicating growing momentum and engagement on Solana.
- While Ethereum’s top NFTs remained Bored Ape Yacht Club and Pudgy Penguins, Tensorians and Mad Lads led Solana’s volume, showing different popular projects on each network.
Solana overtakes Ethereum for monthly NFT sales volume in December 2023, marking a first for the network. The surge reflects Solana’s rising momentum and increasing adoption in the NFT space.
Surging Solana Leaves Ethereum in the Dust
According to data from CryptoSlam, Solana saw $3.66 billion in NFT sales volume in December 2023, beating out Ethereum’s $3.53 billion. Solana nearly matched its all-time high monthly volume from October 2021 amid the initial NFT boom. Meanwhile, Ethereum’s volume was flat compared to November.
More Traders Flock to Solana
Solana also saw roughly double the number of unique buyers and sellers as Ethereum in December. The network processed nearly 66 million NFT transactions from 279,000 buyers and 218,000 sellers. Ethereum saw 698,000 transactions between 143,000 buyers and 114,000 sellers.
What’s Driving Solana’s Growth?
Solana’s price gains are likely a factor, with SOL up over 70% in the last month. However, the average NFT sale price actually dropped in December compared to November. The surge in users and transactions suggests momentum around Solana NFTs and popular projects driving engagement.
Top Projects on Each Network
On Ethereum, Bored Ape Yacht Club NFTs saw the most volume at $195 million, followed by Pudgy Penguins at $183 million. On Solana, Tensorians led at $28 million, while Mad Lads generated $24.5 million in trades.
The Bitcoin Factor
Bitcoin Ordinals saw over $8.8 billion in volume according to CryptoSlam, topping both Ethereum and Solana. However, tracking differs, with fungible tokens included. Uncategorized Ordinals made up the bulk at $885 million.
Conclusion
Solana’s ascendance represents a potential shifting tide in NFTs. While Ethereum remains the leader, momentum and user growth has propelled Solana to new heights. However, tracking inconsistencies make direct comparisons difficult. The next few months will reveal whether Solana can sustain this momentum.
