Solana Tops Ethereum As NFT Sales Surges

• • Solana NFT sales doubled in September thanks to projects.
  • The NFT market produced $950 million worth of trading volume in September.

The ongoing crypto market downturn has been happening for a while now, but overall NFT sales volume remained somewhat flat in September. However individual NFT sales are selling, and high value and quality NFT sales on Ethereum and Solana are blossoming.

According to data recorded, NFT had a trading volume worth $950 million this September, this figure excludes suspected wash trades. That compares to $927 million which was recorded in August and nearly $916 million in July. June was the last month to crack the billion-dollar mark at $1.03 billion.

The NFT market has had a significant decline since late 2021 and earlier this year. In January, about $5.36 billion worth of organic NFT trading volume was recorded. This means that the NFT market produced 82% less trading volume in September.

Blockchain Analyst Pedro Herrera highlighted a few potential reasons for the ongoing NFT market down the curve. On the other hand, crypto prices have fallen greatly since the beginning of the year. For example, Ethereum (ETH) is down by 65% since last year. The analyst pointed out, at a time of crypto market turmoil, investors have shown to be more risk-averse.

Despite lower price points and declining ETH in value, NFTs are still selling and making millions. The number has gone up lately with $12.16 million NFTs selling in January, $5.89 million in July, $7.68 million in August, and $8.78 million in September.

Blockchain Analyst Pedro Herrera said,

Demand for NFTs is not fading away. It’s just the market adjusting the value for some NFTs. There was a bubble in terms of how certain collections were priced out, which led to million-dollar sales.

Thanks to projects such as ABC and yOOts. About $133 million worth of Solana NFT sales were recorded in the last month which is double the figure of $68.5 million in August. The NFT market saw high-profile and high-value sales drop in the last week. When asked about the future, Herrera said that he doesn’t believe we’ll see monthly totals around the $5 billion or $6 billion mark again, but he anticipates the market will rise and go back into the $2 billion monthly range in time.