NFT Sales Volumes on Solana Topped $100 Million in December, Data Shows

Non-fungible token (NFT) sales on the Solana network have experienced a significant rebound in the last month of 2024 to top $100 million for the first time since April of that year in what appear to be the first signs of recovery from a prolonged bear market.

According to data from market tracker CryptoSlam, in January 2024, NFT sales on the Solana blockchain hit $237 million, down from $364 million in December 2023, and saw a slight recovery to slightly over $249 million in March 2024 before starting to plunge.

The prolonged bear market that followed saw NFT sales plunge to $57.8 million in September 2024. Despite the recent recovery in December, the number of unique buyers has maintained its downtrend, dropping to 247,281 from 275,201 in November.

Beyond the headline sales figures, the data also reveals a healthy level of transactional activity within the Solana NFT ecosystem. CryptoSlam reported a total of 1,265,188 transactions of these tokens on the blockchain throughout December, a figure that is nevertheless far below the 4,561,624 transactions seen in January 2024.

Notably, December saw sales cross $100 million as the average sale surged from around $49 in November to over $80 that month, amid a growing cryptocurrency bull run that has seen the price of Solana’s native token SOL rise more than 90% in 12 months.

Solana’s NFT Sales Grow After Transaction Hit New Record

It’s worth pointing out that non-fungible token sales on Solana rose the same month that the network saw a record of nearly 70 million daily transactions amid the highly-anticipated airdrop of the native token of the popular NFT penguin cartoon collection Pudgy Penguins.

While the NFT ecosystem within the Solana network remains relatively muted, its decentralized finance (DeFi) sector has been steadily growing and saw its total value locked skyrocket from around $1.5 billion to over $9.1 billion over the last year, according to DeFiLlama data.