Solana’s August NFT Sales Reach $79M, Second Only to Ethereum

Created by Kornelija Poderskytė from DailyCoin

Since the peak NFT craze in January 2022, NFTs have fallen off a cliff. The markets are far from when volumes peaked at $17 billion. 

Despite these low figures, there is a silver lining, especially for chains like Solana. It has managed to keep its high spot in NFT trading, trailing just behind Ethereum. 

Solana Trails Ethereum, Ahead of Bitcoin

Despite the overall downturn in NFT markets, Solana has some good news. In August 2024, Solana secured the second spot in NFT sales volume at $78.8 million. This figure only trails Ethereum’s figures at $131 million. Solana is also ahead of Bitcoin NFT sales at $59 million. 

According to figures from Crypto Slam, the number of unique buyers and sellers on the Solana network also dropped significantly by 34.39% and 24.96%, respectively. Total transactions on Solana fell by 48.48%, reaching just over 1.1 million. Despite the downturn, the average sale price on Solana was relatively stable at $66.62, slightly higher than the overall market average. 

This resilience and its ranking in second place in volume showcases Solana’s continued relevance in the NFT market. Its low fees and scalability make it an ideal platform for cheaper or mid-range NFTs. In contrast, Ethereum NFTs can cost their users $70 in gas fees alone.   

Overall NFT Market Falls in August

The overall NFT market faced a substantial downturn in August 2024, with sales volume dropping by 41.69% to approximately $374.2 million. This decline was accompanied by a reduction in total transactions, which fell by 25.19% to just over 7.3 million. 

Source: Crypto Slam

The average sale price, however, increased by 16.93% to $51, suggesting that while the number of transactions decreased, the value of individual sales rose slightly. 

Despite the recent uptick in average sale prices, the NFT market is still far from its peak. In January 2022, monthly NFT sales volumes reached $17 billion, driven by mainstream interest and a speculative frenzy. Given the current trends, it is unclear whether NFTs will ever reach that figure again. 

On the Flipside

NFTs are a lot harder to manage than crypto tokens. Unlike crypto tokens, they can’t just be bought and sold on exchanges. Their sales include listing on marketplaces, setting up auctions, and dealing with potential fraud. 

Because each NFT is unique, they are a lot harder to sell. This means that NFTs can stay at an auction for months.

Why This Matters

Despite the overall downturn in the NFT market, Solana’s high position showcases its performance for complex DeFi applications.