Solana NFTs See $14M NFT Sales, Despite Bearish NFT Market

Solana’s recent NFT sales surge hit $14M in a single day, as NFT exchanges saw increased volume.

Solana NFT Gorilla with a big foam hand pointing up whilst standing on a tiny planet surrounded by money.
Created by Gabor Kovacs from DailyCoin
  • Solana records a 92.70% increase in NFT sales, $14M in 24 hours.
  • Tensor and Magic Eden dominate with significant market shares.
  • Despite the surge, Solana trails behind Ethereum. 

NFT sales volume has been on a constant decline for the past month. This is also true for Solana, one of the most popular NFT platforms. 

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However, today’s metrics indicate a sharp upsurge for Solana’s NFT marketplaces. On-chain data recorded a growth of over 90% over 24 hours, leading to $14.32 million in sales within a single day.

Solana’s Sudden Rebound

On Wednesday, January 17, Solana NFT volume rose 92.70%, reaching 141,120 unique transactions. These transactions amounted to $14.32 million in NFT sales on the Solana blockchain. 

Solana's price update.
Source: TIEXO

The biggest Solana NFT marketplaces captured most of this surge in sales. Notably, Tensor and Magic Eden led at 75.74% and 18.85% of the market share, respectively. 

The surge of Solana NFT volume is likely due to the NFT marketplace Tensor, as well as the success of the MadLads NFT collection. On Monday, January 15, Binance Research credited these two projects with the impressive performance of Solana NFTs in December. 

Solana Tops Ethereum NFT Sales in December

December was a huge month for Solana NFTs. During this period, Solana briefly topped Ethereum, securing a 21.22% market share with $27.74M in sales. 

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More recent data shows a notable downturn in the NFT sales for Bitcoin and Ethereum. For Ethereum, this was illustrated by a decline in daily volume, marked by a 13.34% drop to $27.19 million in sales. Bitcoin experienced a similar downtrend, with a 17.23% decrease, bringing its sales down to $10.82 million.

Over a weekly period, the downturn was even more pronounced, with Ethereum seeing a 50.56% fall to $218.1 million and Bitcoin a 52.08% decline to $89.45 million. This trend indicates a broader market cooldown for most NFT platforms other than Solana. 

On the Flipside

  • The NFT market shifted notably in the past month. In December, Bitcoin Ordinals dominated the market with a staggering 58.06% market share, totaling $75.9M in sales. 
  • Despite a strong December, Solana NFT volumes still dropped over the last 30 days. 

Why This Matters

For the NFT ecosystem, Solana’s performance demonstrates the continued interest and potential for growth in the blockchain and digital collectibles space. Moreover, it indicates the shifting landscape of blockchain platforms, where newer entrants like Solana can quickly rise to prominence. 

Read more about Solana outpacing Ethereum NFT sales: 
Solana Closes Gap on Ethereum with Over $16M in NFT Sales

Read more about Binance’s eroding market share: 
Binance Dips Below 50% Market Share, OKX and ByBit Gain

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
David Marsanic

David Marsanic is a journalist for DailyCoin who covers the intersection of crypto, traditional finance, and government. He focuses on institutionalized crypto entities like major cryptocurrency exchanges and Solana, breaking down complex topics into easy-to-understand writing. David's prior experience as a business journalist at various crypto and traditional news sites has enabled him to maintain a critical approach to news while adhering to high journalistic integrity standards.