Solana NFT Sales Cool After Surpassing Ethereum’s for First Time
Source: BSC News
A major uptick in Solana NFT sales volume saw its USD sales briefly surpass Ethereum’s for the first time ever on Sept. 6.
A large uptick in Solana NFT sales volume and unique buyers seen on Sept. 6 and 7 that saw daily volume reach $10.5 million has now cooled, with volumes settling into the $3 million per day range, according to CryptoSlam.
In a Sept. 11 interview with The Block, Magic Eden founder Zhuoxun Yin said he attributes the recent uptick in volume partly to the success of Dust Labs’ y00t collection.
«I think people are realizing that Solana is pretty liquid as an NFT market still despite the bear,» he was quoted as saying. «[It] (the y00t drop) went pretty well so it’s driving a mini minting/trading wave again.»
y00t, which dropped on Sept. 5, sits at $11.2 million in total sales volume, with $4.2 million of that on Sept. 6 alone. For perspective, this ranks it in 9th place in USD sales volume in the past month among all NFTs tracked by CryptoSlam.
Although Ethereum continues to lead the NFT market with USD sales volume consistently over $10 million per day (down from an all-time high of $628 million on May 1), Solana’s USD sales volume surpassed Ethereum’s for the first time ever on Sept. 6. Ethereum sales hit just $9.3 million that day compared to Solana’s $10.5 million.
While daily NFT transaction value in USD on Solana has been on a downward trend since April and May, daily unique buyers and transaction activity have been staying relatively steady or even increasing at times—meaning that even though NFT prices have cooled, the market remains active and continues to attract new participants.
In fact, Sept. 7 saw daily unique buyers reaching over 26,000—an all-time high—before dropping to between 13,700 and 17,000 in the past week. This still compares to numbers seen since January and far exceeds the unique buyers seen during the USD sales volume peak at the end of August last year when sales topped $48 million in one day with only 5,337 unique buyers.