Non-fungible token (NFT) sales on the Solana blockchain surpassed $1 billion in all-time total volume this month for the first time, according to the NFT sales tracker CryptoSlam!
Solana-based NFTs gained in popularity in the latter part of 2021 as Ethereum, the most popular blockchain for NFTs, experienced prohibitively high transaction fees.
The first Solana NFT to break $1 million occurred on September 11, for a Degenerate Ape Academy NFT — part of a collection of 10,000 algorithmically generated 3D primates. The most expensive Solana NFT sold for $2.1 million nearly a month later.
Solana’s highest weekly trade volumes reached $160.39 million on August 29, 2021, according The Block's Data Dashboard. However, trading volumes for Solana-based NFTs still pale in comparison with the Ethereum-based market, and Solana lacks high-profile NFT projects akin to Bored Ape Yacht Club and CryptoPunks.
Nonetheless, healthy investment in the Solana NFT space has continued into the new year, as seen with the NFT protocol Metaplex raising $46 million through a SAFT sale on January 18.
Correction: This story has been updated to mention that Solana-based NFTs surpassed $1 billion in all-time total sales volumes and not in January 2022.