SNEAK PEEK
Solana secures its spot as the second-largest NFT blockchain despite a 41.69% market drop.
Solana’s average NFT sale price holds steady at $66.62, surpassing the market average of $51.
Solana’s scalability and low fees make it a resilient player amid declining NFT transaction volumes.
Solana recorded a move in August 2024, recording $79 million in NFT sales, securing its position as the second-largest blockchain by NFT sales volume. Despite the overall decline in the NFT market, Solana maintained its standing, trailing only behind Ethereum, which led the market with $131 million in sales.
In the past 30D, Ethereum, Solana, and Bitcoin have led the way in NFT sales volume, surpassing other major blockchains! pic.twitter.com/JzRq1yYgwy
— Coin98 Analytics (@Coin98Analytics) September 1, 2024
The NFT market saw a notable decrease in activity in August 2024, with total sales volume dropping by 41.69% to approximately $374.2 million. Solana, however, managed to remain resilient, holding onto its second-place position with $78.8 million in sales.
This figure puts Solana in front of Bitcoin which only registered $59 million of NFT sales during the same time. However, Solana’s performance remains consistent and demonstrates its place as one of the leaders in the niche, with the overall negative market trend affecting all the projects in the NFT space.
Data from Crypto Slam reveals a significant drop in the number of unique buyers and sellers on the Solana network. The number of buyers decreased by 34.39%, while sellers saw a 24.96% reduction. Total transactions on the Solana network also fell by 48.48%, bringing the total number of transactions to just over 1.1 million.
Despite the decline in transaction volumes, the average sale price of NFTs on the Solana network remained relatively stable at $66.62, slightly above the overall market average of $51. This stability in pricing suggests that while fewer transactions occurred, the value of individual sales has held firm.
Solana’s low fees and scalability continue to make it an attractive platform for NFT creators and buyers, especially in comparison to Ethereum, where gas fees alone can reach up to $70.The broader NFT market continues to face challenges, with sales volumes and transaction numbers declining significantly. In August 2024, the total NFT sales volume dropped to $374.2 million, down from previous months. Despite a slight increase in average sale prices, the market remains far from its peak in January 2022, when monthly volumes soared to $17 billion.
The post Solana’s NFT Sales Reach $79 Million in August, Securing Second Place After Ethereum appeared first on Today NFT News.
