Solana NFTs’ Unique Buyers Reached Its ATH in May 2022!

Solana NFTs’ Unique Buyers Reached Its ATH in May 2022!

According to data tracker CryptoSlam, the number of Solana NFTs’ unique buyers reached an all-time high in May.

The number of unique merchants increased by about 170% from April to May. On the marketplace, there are currently more than six merchants for every buyer. May is the fifth month in a row that CryptoSlam’s statistics has shown a rise in unique sellers.

With purchases reaching $720 billion this month, Ethereum is the most popular blockchain for NFTs, while Solana had the second-highest volume at $249 million. Although Ethereum remains the most popular NFT platform, Solana is picking up steam as new projects gain traction and significant exchanges adopt the network. A new Solana NFT project just surpassed any Ethereum project in terms of trade volume.

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Okay Bears, a Solana-based profile picture project with 10,000 unique avatars, launched on Solana NFT marketplace Magic Eden for 1.5 SOL (about $145) per NFT. Secondary market sales exploded, sending the collection’s price skyrocketing and earning millions of dollars in trade volume. Okay Bears is the most-traded collection tracked by renowned NFT marketplace OpenSea, knocking out a number of well-known Ethereum collections. 

However, the total sales volume on Solana fell 15% month over month, with average prices reaching an all-time low. The Solana cryptocurrency (SOL) is trading at roughly $45 at the time of writing, following a wild week.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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