In September, Solana NFT sales skyrocketed by 77% against August. According to CryptoSlam’s data, Solana NFT recorded more than $129 million in trading volume. Moreover, NFT sales remain greatly down, and it’s still a crypto bear market.
However, Solana NFT sales nearly doubled, and although that of Ethereum dropped, it is still selling big. So, why are Solana sales rising amidst the NFT market depression?
Solana Trading Grows Amidst NFT Market Depression
Last month, $129 million+ out of the total NFT sale ($947 million+) belonged to Solana NFTs. Meaning Solana was responsible for more than 12% of NFT trading volume in September. Compared to past months, that was a huge feat. However, there has been a massive 82% decline in NFT trading volume in 2022, according to DappRadar.
Furthermore, Pedro Herrera — Senior Blockchain Analyst at DappRadar, pointed out some reasons behind the ongoing NFT market depression. He informed Decrypt that it is due to crypto prices falling since the start of the year. For instance, Ethereum has been down by 65% since the year’s beginning.
In addition, Herrera stated that investors are reluctant to take risks these days as only a few high-value NFTs are left. Although there was a consistent decrease in sales for a while, September showed an increase which is a good sign. In fact, September records the third-highest month of NFT purchases so far in 2022.
In conclusion, Herrera said the market is adjusting the value for some NFTs and “demand for NFTs is not fading away”.
Why Is The Sale Of Solana NFT Rising?
Herrera also mentioned how the sales of Solana NFTs jumped. He said it is thanks to high-profile projects like y00ts (over $6 million yield) and ABC. Also, DappRadar’s data suggest that OpenSea’s once-strong hold in the market is starting to loosen. Although It came out top in September trading volume with $350 million, X2Y2 came close with $297 million worth of sales.
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