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.
The “organic” trading data compiled by CryptoSlam excludes suspicious transactions marked as “wash trades”, with approximately $381 million of Ethereum trading volume being excluded, while Solana’s trading volume only excludes $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 NFT transaction volume approaching 6.6 million. In comparison, Ethereum had approximately 114,000 sellers and over 143,000 buyers, with a transaction volume of 698,000.
The NFT trading volume on Ethereum in December remained relatively stable compared to the total of nearly $350 million in November, while the Solana NFT trading volume increased significantly from approximately $83 million in November.
The increase in the price of SOL may be part of the reason for the surge in Solana NFT trading volume in December, but this does not explain the three-fold increase in the number of independent traders and the six-fold increase in monthly NFT transactions. In addition, the average transaction amount for 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 the broader momentum surrounding Solana and the excitement surrounding specific projects associated with potential 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.
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