Despite a general downturn in NFT sales, Solana has achieved new benchmarks. In 2022, the average monthly NFT unit sales on Solana will be over $150 million. As of June 2022, the total sales volume was $2.35 billion.
After becoming one of the few protocols to provide a solution to the blockchain trilemma ( security, decentralized, and scalability ), Solana has been dubbed the “Ethereum Killer.”
Solana became one of the go-to networks for non-fungible tokens ( NFTs ) in just two years. Solana has a cumulative sales volume of roughly $2.35 billion as of June 5.
This is a welcome boost for the initiative after its original asset, SOL, saw its market worth plummet by more than $ 14 billion in May following the UST crash.
Solana now ranks third behind Ronin and Ethereum after reaching this milestone.
That also puts Solana ahead of many of its competitors in terms of all-time sales volume. Polygon, Wax, Flow, Avalanche, Palm, Tezos, Waves, Binance Smart Chain (BSC), and Panini are all behind Solana.
What triggered the surge in Solana sales?
Since October 2021, the blockchain’s overall transaction counts have risen to 83,697 unique purchasers and 374,618 transactions when examining the increasing number of unique purchasers.
Solana’s sales volume was around $286.4 million by the end of October.
The number of new buyers of NFT on Solana reached an all-time high in January 2022, thanks to an 83 percent increase in unique buyers since October. In January 2022, there were 153,602 unique purchasers, resulting in 1,014,963 transactions.
With about $298.69 million in sales volume, this month was also Solana’s all-time high in monthly sales volume.
Chainers (1), Thug Birdz (2), Meerkat Millionaire Country Club (3), Frakt, Portals, Solsteads, Cosmic Condos, SolPunks, Blockstars, Akuma no Neko, Infinity Labs, and Solarians are just a few of the popular NFTs on Solana that contributed to this edition. Additionally, NFT domains marketplace, Quik.com, is also planning to launch NFT domains on the Solana Blockchain in the near future.
A few notable months for Solana sales are
May 2022 – $ 256.1 million
April 2022 – $ 294.8 million
February 2022 – $ 206.3 million
September 2021 – $ 263.34 million
Response to the SOL price
SOL began trading at $170.31 on January 1, 2022, achieved a yearly top of $179.43 on January 2 and tested a new local low of $38.36 on June 2. At the time of publication, SOL was trading at $40.
This translates to a 77 percent reduction in SOL prices in 2022.
Why had Solana picked up pace?
Because it is easier and less costly to use than ethereum, Solana has gained interest in the NFT and DeFi ecosystems in recent years. According to its website, its blockchain performs 50,000 transactions per second and has an average transaction cost of $0.00025. Ethereum can only process about 13 transactions per second, and transaction fees are far higher than Solana.
However, the blockchain network has experienced repeated breakdowns over the previous year and a half, exposing the trade-off. Most recently, on May 1, Solana was offline for many hours before being restored online after the validator network was restarted.
And just a few days back, it had its second outage in a month when it went offline for 4 hours which caused its price to take another hit.