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.
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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