Wednesday, February 21

Solana: NFT Sales Exceed $1 Billion as SOL Reaches Institutional Investors

For Hannah Perez

A milestone that speaks to the growth of Solana’s NFT market amid growing interest from prominent figures and accredited investors.


the block chain Solana has just registered a new record within the sphere of the tokens no fungibles (NFT).

The NFT sales volume based on Solana crossed the billion dollar mark for the first time during January 2022, according to the collectibles market sales tracker, CryptoSlam.

According to the data, which collects figures from August 2021 to the current date, Solana surpassed $1 billion in total NFT sales. The highest daily sales volumes were recorded on August 31, when movements of more than USD $47 million were recorded. In terms of monthly sales volume, Solana set records in October with USD $264 million.

NFT sales volume in Solana. Fountain: CryptoSlam

Solana NFT space expands

The milestone comes amid accelerated growth of Solana within the NFT market. The platform saw the sale of its most expensive collectible in September, when a zombie ape-themed NFT from the series Degenerate Ape Academy it was sold for USD $1.1 million, as reported The Block. The record was broken again almost a month later with the sale of an NFT (another ape, but this time a pixelated one from the collection SolanaMonkeyBusiness) for $2.1 million.

The NFT sector based on Solana began to grow in 2021 amid Ethereum, the leading blockchain in the collectibles space, will see a significant increase in its transaction fees.

The blockchain, often referred to as “ethereum killer“, has been gaining popularity among prominent figures. Among them, the CEO of the FTX exchange, Sam Bankman-Fried, and the famous boxer Mike Tyson have declared their support for the platform. Even former US First Lady Melania Trump has harnessed the technology of Solana to launch your NFTs.

Basketball legend Michael Jordan also recently showed his support when he participated in a USD $46 million investment round for Metaplex, an NFT market based on Solana. Other protocols of digital collectibles based on Solana they have also recorded success in separate investment rounds, which could explain the rise of the space.

Solana gains ground against Ethereum

Solana It has also received a vote of confidence from Bak of America Y JPMorgan. as reported DailyBitcoin, the analysts of JPMorgan noted in a report that Ethereum has lost 15% of its dominance within the NFT market. Amid congestion and high network fees, rivals like Solana they are starting to gain more ground, the bank’s experts said.

However, despite the impressive success of Solana, it should be noted that Ethereum remains king in the NFT sphere. In comparison, only for January 2022, the latter Blockchain recorded a sales volume of US$6.7 billion of more than 1,900 NFT projects. sales of Solana they are almost insignificant in comparison; mainly because their number of NFT projects is also much lower (currently 52) and lacks high-profile projects such as Bored Ape Yacht Club Y CryptoPunks.

Institutional investors seek exposure to Solana

The growth of Solana it is not seen only in the digital collectibles market. High-profile investors are also showing increasing interest in the platform, which has positioned itself as one of the most promising blockchains in terms of scalability in recent times.

Fireblocks, an institutional custody platform, announced that it has added support for SOL, the native cryptocurrency of Solana. The move will give more than 800 institutional investors exposure to the project. Specifically, it means that customers of Fireblocks now they will be able to send, receive, store and make staking (participation) with SOL.

The CEO of the firm, Michael Shaulov highlighted in this regard that the incorporation of the cryptocurrency occurs after having observed a high demand from users. The measure has now registered great success, he said.

Within the first weekend of announcing support for SOL, we saw about 25% of all Solana volume happen on the Fireblocks platform.

The leading cryptocurrency fund manager, Grayscale, had already introduced a fiduciary product in November that offers accredited investors exposure to SOL. Too GalaxyDigital, the investment fund led by Mike Novogratz, shortly after launched an institutional investment product based on the cryptocurrency of Solana.

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Sources: The Block, The Block, CoinDesk, CryptoSlam, DappRadar, archive

Article by Hannah Estefanía Pérez / DailyBitcoin

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WARNING: This is an informative article. DiarioBitcoin is a means of communication, it does not promote, endorse or recommend any investment in particular. It is worth noting that investments in crypto assets are not regulated in some countries. May not be suitable for retail investors as the full amount invested could be lost. Check the laws of your country before investing.