The $62 million in weekly transactions was driven by NFT collections such as Tensorians, CryptoUndeads and Froganas.
Weekly trading volume of Solana’s non-fungible tokens (NFTs) surpassed $62 million, showing a 25% increase according to to on-chain data aggregator CryptoSlam. After a slow start in January, Solana (SOL) NFT activity appears to be picking up again, with trading volume approaching $190 million this month.
As of December 2023, Solana’s NFT sales volume exceeded $365 million, surpassing that of Ethereum, and trailing only Bitcoin’s market share. Even with the relatively small volume compared to last month, January’s total sales are the highest Solana has achieved since May 2022.
Despite the increase in sales volume, the number of NFT-related transactions on Solana’s blockchain fell by 15%. This indicates larger average transactions, which could be related to the Tensorians NFT collection. Their trading volume increased by 107% to $4.6 million over the last seven days, and each Tensorian has a floor price of 88 SOL.
CryptoUndeads and Froganas were also among the most popular Solana NFT collections last week, raising $15 million and $4.6 million, respectively.
Additionally, another interesting development in Solana’s NFT market over the past seven days is the decline in the number of transactions labeled as wash trading by CryptoSlam. While the amount is still relevant, totaling $3.6 million, this is almost 50% less than what was recorded between January 11 and 17. By comparison, the amount of NFT sales on Ethereum that were labeled as wash trading last week is $90.5 million.
