The Solana NFT space has been flourishing in recent days, but that could only be the tip of the iceberg. Recent developments across its ecosystem will likely see the already-decent Solana NFT figures become even more impressive.
Solana NFT total sales cross the $1.8 billion mark
The Solana blockchain has tightened its grip on the third rank in blockchains by NFT sales volume. Data from NFT sales tracking platform CryptoSlam shows the chain is behind Ethereum and Ronin – the Ethereum-sidechain used by Axie Infinity – in all-time Solana NFTs sales. Solana earlier this week surpassed $1.5 billion and is at $1.822 billion at the time of writing.
Ronin, which suffered a $625 million hack last week, is in second place with just over $4 billion in sales over the same period. Ethereum is the most active blockchain based on this metric, with a massive equivalent figure of $22.161 billion – more than five times second place.
All-time NFT sales volumes
The recent talk around the Solana NFT space has been reflected in the sales volume over the last 30 days. The chain has recorded $214.261 million in sales and is one of two that have seen a positive change during this period among the top seven chains. While its volume has moved up by 15.32%, Ethereum NFT sales volume over the last 30 days has risen by 9.73%. Avalanche’s figure has dropped 1.26%, while Flow has fallen 24.68%.
Ronin chain has seen the biggest slump – a result of the exploit incident that saw the hacker walk away with 173,600 Ether and $25.5 million in USDC on March 29. CryptoSlam data shows that over the last 30-days, Ronin NFT sales have shrunk by 68.30% to $25.089 million.
Standing out from the rest
The rise of Solana as a dominant blockchain in the NFT niche is indeed welcomed by the ecosystem as it gives Solana a lead against competing chains. Markedly, it leads among the Ethereum alternatives – Avalanche, Cardano, and even scaler Polygon. Market analysts contend that Solana’s figures will likely continue to rise from a boost by OpenSea integration of the chain.
Immediate volumes recorded after the integration docked earlier this week have suggested the opposite, though. Solana NFT sales volume in the last seven days has fallen by double digits, 15.43%. It, however, has to be noted that it is not an isolated incident but rather a reflection of the overall NFT space. Avalanche NFT sales volume has also dipped by an even greater margin, while Ethereum is the only chain among the top four to have seen a positive change – 16.58%.
Solana has a long way to go in challenging the top chains as it has a relatively smaller base of buyers. Its NFTs have so far been distributed among 430,000 users. Meanwhile, Ronin and Ethereum NFTs have gone to over 1.69 million and 1.15 million buyers.
Developments around Solana are a boost
Last month, the Coinbase exchange brought support for Solana and its SPL tokens to its wallet extension. The launch, which Coinbase described as the ‘initial phase of support for Solana’, allows users to send, receive and store Solana tokens. Less than two weeks later, Opera browser shared that it was adding support for eight new blockchains, including Solana.
Institutions have also been putting funds into supporting initiatives under Solana. Last week, San Francisco-based crypto gaming marketplace Fractal closed a funding round that saw the platform secure $35 million. The raise had notable participants, including Paradigm and Multicoin, who co-led as well as Animoca, Coinbase, Andreessen Horowitz and Solana Labs.
Paradigm also featured in a $27 million round concluded by Magic Eden, a Solana-focused NFT marketplace, as the lead investor.
In the markets, Solana assets have seen increasing demand from retail and institutional investors in recent days. Digital assets management firm Grayscale last month introduced a smart contracts fund featuring Solana as one of the biggest fund components by share. Cryptocurrency exchange-traded products issuers 21Shares has previously heaped praise on products offering investors exposure to Solana, noting that they predominantly do well.
To learn more about Solana, visit our Investing in Solana guide.
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