Solana NFTs jump 30% in 24 hours: What’s behind the surge?

  • Solana recorded a spike in NFT sales volume in the past 24 hours.
  • The general NFT market has witnessed a decline in sales activity in the last month.

As an experienced analyst, I’ve closely monitored the trends in the Non-Fungible Token (NFT) market, and Solana’s [SOL] recent surge in NFT sales volume is a noteworthy development amidst the overall decline we’ve seen in the past month.

According to CryptoSlam’s data, the sales volume for Non-Fungible Tokens (NFTs) built on the Solana [SOL] blockchain has experienced a significant increase of more than 30% within the last 24 hours.

Based on data from a provider specializing in on-chain information, the aggregate value of Solana-created NFTs sold during that timeframe amounted to approximately $3.17 million.

Approximately 78,165 NFT sales deals were finalized on the Solana network over the specified time frame.

As a crypto investor following the NFT market on Solana, I’ve noticed that the total sales volume for this month has reached $65.11 million. This represents a significant decrease of approximately 57% compared to the impressive $152 million recorded just last month in April.

The data from CryptoSlam revealed that the monthly sales volume for NFTs on their network had dropped since reaching a peak of $250 million during March, which was the highest mark so far this year.

Over the last 24 hours, Ethereum Network’s NFT sales volume dropped by nearly 20%. This decline is evident as only $7 million worth of NFTs were sold during this time frame.

During the same timeframe, the Bitcoin network has experienced notable growth, marked by a 10% increase in NFT sales volume.

The NFT market in the last month

The NFT market has witnessed a steady decline in trading activity in the last month.

Based on NFTGo’s recent data analysis, the total value of NFT sales across all collections during the last month reached an impressive $448 million. However, this figure represents a 15% decrease in comparison to the previous month.

Due to a significant increase in the worth of various cryptocurrencies lately, the NFT (Non-Fungible Token) market has experienced a slight growth. Currently valued at around $8 billion, this represents a 1% rise over the past month.

Solana NFTs jump 30% in 24 hours: What’s behind the surge?

How leading NFT collections have fared

Based on information from NFT Floor Price, the minimum price for a token in the top-ranking NFT collection, Bored Ape Yacht Club (BAYC), was set at 13 Ether (equivalent to approximately $49,000) at the time of reporting.

In the past 24 hours, the collection’s value has risen by 2%.

Read Solana’s [SOL] Price Prediction 2024-25

Because of the recent surge in value, there was a significant decrease in the number of BAYC NFTs sold. Specifically, just 16 units were transacted during that time frame, which represents a noteworthy drop of approximately 56% compared to the previous 24 hours.

With respect to CryptoPunks, currently holding the largest Non-Fungible Token (NFT) market capitalization, the minimum asking price for a piece stood at approximately 40 Ether ($131,000) at the present moment. In the preceding 24 hours, merely three NFTs from this collection found buyers.

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2024-05-23 03:03