Solana NFT sales surpass Ethereum for first time

In December 2023, Solana achieved a milestone by surpassing Ethereum in NFT sales volume for the first time. According to CryptoSlam data, Solana's NFT sales reached approximately $366.5 million, outpacing Ethereum's $353.2 million. Even when excluding wash trades, Solana's sales remained robust, almost matching its previous peak of $373.5 million in October 2021. In contrast, Ethereum's sales showed relatively flat growth, with December's total comparable to November's $350 million.

Solana also experienced a surge in the number of unique traders, boasting around 218,000 sellers and 279,000 buyers—nearly double the count on Ethereum. The increased popularity of Solana's NFT marketplace may be attributed to the substantial surge in the value of its native token, SOL, which has quadrupled in price over the past three months. This resurgence has contributed to the broader success of the Solana ecosystem, accompanied by a memecoin frenzy led by Bonk (BONK).

The growing user base and transaction activity on Solana could be driven by the overall momentum of the network and the excitement surrounding specific projects offering airdrops and other incentives. Projects like Tensorians and Mad Lads contributed significantly to Solana's trading volume in December, further enhancing its overall success.