According to Decrypt, data from the analysis platform CryptoSlam shows that in December 2023, the NFT trading volume on the Solana chain was approximately $366.5 million, close to the historical high set in October 2021, and for the first time surpassing Ethereum’s monthly trading volume of $353.2 million.
CryptoSlam’s “organic” trading data, which excludes suspicious transactions marked as “wash sales,” excluded approximately $381 million of Ethereum trading volume, while Solana’s trading volume only excluded $10.1 million.
In addition, the number of independent buyers and sellers on Solana doubled in December, and the total number of NFT transactions also increased significantly. According to the CryptoSlam report, there were 218,000 sellers and 279,000 buyers on Solana, with nearly 6.6 million NFT transactions. In comparison, there were approximately 114,000 sellers and over 143,000 buyers on Ethereum, with 698,000 transactions.
In December, Ethereum’s NFT trading volume remained relatively flat compared to the total of nearly $350 million in November, while Solana’s NFT trading volume surged from around $83 million in November.
The increase in SOL price may be partly responsible for the surge in Solana NFT trading volume in December, but this cannot explain the threefold increase in the number of independent traders and the sixfold increase in monthly NFT transactions. Additionally, the average transaction value of Solana NFTs actually decreased from $74 in November to less than $56 in December.
The surge in users and transaction volume may be due to broader momentum surrounding Solana and the hype associated with specific projects that may receive airdrops and other benefits. For example, the NFT project Tensorians, associated with the Solana market Tensor, had a trading volume of $28 million in December, while the popular Solana PFP NFT series, Mad Lads, had a trading volume of $24.5 million.
