Solana’s NFT Trading Volume Hits $2 Billion

Solana, one of the few blockchain protocols to rival the ever-dominant Ethereum blockchain, has surpassed $2 billion in all-time NFT sales. Although still light years ahead of the numbers generated by the top Ethereum brokers, Solana has firmly established itself in third place with recent collections such as Trippin’ Ape Tribe and Okay Bears proving that blockchain remains a productive avenue for building successful NFT concepts.

The specific Solana NFT trading volume figure is $2.35 billion, which was recorded on June 5. According to DappRadar, the Degenerate Ape Academy NFT collection has been the largest contributor to achieving this milestone, after generating around $129 million in trading volume. Other notable projects include Solana Monkey Business and Aurory, which have generated $108 million and $82 million respectively.

While the news is promising and worth celebrating, the blockchain has still felt the effects of the Q2 2022 bear market, like its native asset. $ SUN it dropped more than $14 billion in market capitalization last month. That said, May also marked the first time Solana overcome Ethereum NFT trading volume within a 24 hour window.

If Solana strives to be the most widely used blockchain of them all, it still has a long way to go, as Ethereum’s Terraforms and Meebits collections exceed Solana’s overall trading volume by four to five times, while collections such as BAYC , CryptoPunks, and dotdotdots each have trading volumes at and around $2 billion.

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*All investment/financial opinions expressed by NFT Plazas come from the personal research and experience of our site moderators and are intended as educational material only. People are required to fully research any product before making any type of investment.

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