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Despite an industry-wide market drop of about 82% from January highs, Solana NFT sales nearly doubled in September, reaching $947 million.
The overall NFT sales volume remained unchanged in September 2022. While the market average experienced a series of stagnant days, individual NFT sales continued to achieve impressive results. Compared to the high-value NFTs on Ethereum that are gaining traction, Solana NFT is trending up.
According to data from DappRadar, Solana’s NFT trading volume hit $947 million in September, slightly above August’s $927 million and nearly $916 million in July. However, this number is still lower than three months ago, June was the most recent month to surpass the $1 billion mark, at $1.03 billion.
The commendable point in this trend is Solana’s breakout. Despite the “afraid” market, online NFT activity has continuously grown strongly since mid-September 2022 until now. This is the main reason why blockchain NFT sales have held steady, reaching nearly $133 million in September, nearly double the $68.5 million in August.
Solana’s successful revenue also comes from projects that are enthusiastically welcomed by the community such as y00tsalthough this project had some problems in minting NFT to users due to programming errors. Magic Eden – The leading NFT Marketplace on Solana, continues to strengthen and expand its popularity through a $130 million funding round and the establishment of Magic Ventures, focusing on web3 gaming.
Although the numbers are proving that NFT Solana is gradually entering the right development trajectory, the recent criticism related to Magic Eden has had a significant impact in a part of the community, when it was called a business activity. Ambiguous business practices, lax censorship led to a flurry of NFT rugpull projects, and mixed decisions about the “control” of NFT royalties.
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