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Solana hits $1.5 billion NFT transactions

Solana hits $1.5 billion NFT transactions

According to CryptoSlam, a site that tracks NFTs, the total transaction volume for Solana-based non-fungible tokens has hit $1.5 billion.

Solana was able to reach the new goal just a few months after it broke the $1 billion mark.

With 314,910 buyers and 260,844 sellers, NFTs on Solana has been used to make almost two million transactions.

Last September, a Degenerate Ape Academy NFT sold for $1 million, which was a first for Solana. It now joins the likes of CryptoPunks and other Ethereum-based NFT projects.

During the year 2021, Solana became popular because it was cheaper than Ethereum, which is still plagued by high fees and slow transaction speeds.

If you look at the CryptoSlam stats, NFT sales in Solana have gone up 55.34 percent in a few days.

JPMorgan said earlier this year that Solana might outperform Ethereum in the NFT market, even though Ethereum is less decentralized. It can’t compete with the market leader, though. This is a huge number: Ethereum has sold $21 billion worth of things.

This is also the case for Solana, which is behind Axie Infinity’s Ronin, which is the sidechain solution that was recently hacked and lost $540 million.

A report from U.Today says that non-fungible token markets are working on support for Solana. OpenSea, the network’s leader, is expected to add the “Ethereum killer” as early as April, which could make the network more popular. Rumors started to spread last year about the new addition.

There’s also a new cryptocurrency called SOL on the Solana network. It’s worth more than the Ripple-affiliated XRP, which makes it the sixth most valuable one.

About Humano

He is a freelance writer based in Turkey. He loves NFTs, football, film and technology.

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