Solana’s NFT sales grew by nearly 30% last week, even though its two most valuable NFT projects, DeGods and y00ts, said they would move to Ethereum and Polygon, respectively.
After months of falling prices and less interest, the number of NFT sales has started off the new year strong.
According to data collected by CryptoSlam, NFT sales went up 26% in the week ending January 7. This was led by the top project, Bored Ape Yacht Club, which saw a 53% increase week over week.
Ethereum finished the week as the blockchain with the highest sales volume. It accounted for $164 million out of the $209 million in sales that week.
“This shows the resilience of the Solana NFT community, providing optimism for SOL token holders,” Marcus Sotirious, market analyst at GlobalBlock, said in a note Monday.
In a December report, Galaxy researchers said that most people in the community were not happy when they first heard about the move, which is set to happen later this quarter.
“The Solana NFT community has been divided in response,” Galaxy analysts wrote. “While some in the community applaud the move as a smart business decision, others have expressed frustration at the fact that Frank [DeGods/y00ts founder Rohun Vohra] is abandoning Solana precisely when it’s trading at its lowest levels since early 2021.”
Solana’s native token, SOL, is now the best-performing coin of 2023, even though it was 94% less valuable than the dollar at the end of 2022. As of Monday afternoon in New York, SOL had gone up more than 50% in the last week.
Even though the number of NFT collectors is growing, data shows that they are still a small group. Last week, 400,748 NFT buyers completed a number of 1.2 million transactions. For example, about 1.75 million transactions happen every week on the Bitcoin blockchain.
According to data from DappRadar, around $24.7 billion worth of NFTs were traded on blockchains and marketplaces in 2022. This is less than the $25.1 billion worth of NFTs that were traded in 2023.
Most of the slowdown in 2022 happened in the second half of the year. DappRadar data shows that NFT sales dropped 60% from the previous quarter to the third quarter of 2022.