Solana sells half a billion dollars in secondary NFTs in 3 months!

Since the beginning of August, secondary sales volume for nonfungible tokens (NFTs) based on Solana (SOL) has surpassed $500 million.

As of Nov. 2, secondary sales of Solana NFTs had produced a total of $497.7 million from over 348,000 transactions, according to CryptoSlam statistics, with an average selling per NFT of $1,500.

According to the statistics, Solana had a record month for secondary NFT sales volume in September, with $189.4 million in sales. While some consider Solana to be a ‘ETH killer,’ the Ethereum blockchain remains the most popular among NFT enthusiasts, with secondary sales topping $2.2 billion in the same month.

While Ethereum (ETH) still “dwarfs Solana in total NFT secondary sales,” Messari research researcher Mason Nystrom stated on Twitter on Nov. 3 that the upstart network has swiftly established itself as one of the top NFT blockchains in the span of a few months.

.@DegenApeAcademy leads Solana NFT projects in cumulative secondary trade volume.

Most Solana NFT projects fall within the pfp/avatar category and like Ethereum will likely follow a power-law distribution with the top projects retaining a majority of the value in the pfp market. pic.twitter.com/AVVbKjLDV5

— Mason Nystrom (@masonnystrom) November 2, 2021

Solana is presently ranked fourth in terms of 24-hour secondary volume, at $1.9 million, according to CryptoSlam’s rankings of the major NFT blockchains. Ethereum ($37.7 million), Ronin ($23.5 million), and Wax ($4.5 million) are the top three coins.

Since its inception in mid-August, Solana’s biggest NFT project, the Degenerate Ape Academy, has produced $105.9 million in secondary sales. The Degenerate Ape NFTs include animated ape avatars with distinct characteristics, and the project has received $454,000 in secondary sales in the last 24 hours.

SOL’s price has risen 30.3 percent in the last 30 days, reaching roughly $225 at the time of writing, according to CoinGecko statistics. SOL hit a new all-time high of $229.76 earlier today as a result of the current rally. Solana’s market valuation has risen to roughly $68.1 billion, placing it fifth in terms of overall capitalization, ahead of fellow ‘ETH killer’ Cardano (ADA), which has a market worth of $63.1 billion.

A website predicts a price of $250 per SOL before the end of the year, using on-chain data from the DeFi industry and the derivatives market as important evidence.