According to a report by Decrypt, data from the analysis platform CryptoSlam shows that in December 2023, the NFT transaction volume on the Solana blockchain was approximately $3.665 billion, close to the historical high set in October 2021, and for the first time surpassing Ethereum’s $3.532 billion in monthly transaction volume.
CryptoSlam’s “organic” transaction data, which excludes suspicious transactions labeled as “wash sales,” excluded approximately $381 million in Ethereum transaction volume, while Solana’s transaction volume only excluded $10.1 million.
Furthermore, the number of independent buyers and sellers on Solana doubled in December, and the total number of NFT transactions also increased significantly. According to the CryptoSlam report, there were 218,000 sellers and 279,000 buyers on Solana, with nearly 6.6 million NFT transactions. In comparison, there were approximately 114,000 sellers and over 143,000 buyers on Ethereum, with 698,000 transactions.
Ethereum’s NFT transaction volume in December was relatively flat compared to the nearly $350 million total in November, while Solana’s NFT transaction volume increased significantly from around $83 million in November.
The rise in the price of SOL may be part of the reason for the surge in Solana NFT transaction volume in December, but this cannot explain the three-fold increase in the number of independent traders and the six-fold increase in monthly NFT transactions. Additionally, the average transaction value of Solana NFTs actually decreased from $74 in November to less than $56 in December.
The sudden increase in users and transaction volume may be due to broader momentum surrounding Solana, as well as the excitement surrounding specific projects associated with potential airdrops and other incentives. For example, the NFT project Tensorians related to the Solana marketplace Tensor had a transaction volume of $28 million in December, while the popular Solana PFP NFT series Mad Lads had a transaction volume of $24.5 million.