Solana strengthens NFT market with peak trading for the second half of 2024

Solana ended the 12 months with a peak month of NFT exercise. Solana NFT gross sales peaked above $102 million in December, because the Pudgy Penguins assortment reached document exercise ranges.

Solana reached the height of NFT exercise in December, with greater than $102 million in digital gadgets offered. The principle driver of the NFT growth was the Magic Eden airdrop, which boosted exercise in hopes of buying extra ME tokens.

For many of December, Solana’s each day energetic addresses have been within the 5 to six million vary, additional boosting all forms of exercise.

Within the quick time period, the brand new ME token was pressured by promoting and fell from its peak above $3.02 to $2.76. Nonetheless, ME is just not the right proxy for NFT, as collections had their very own paths to success.

Nonetheless, Magic Eden revealed that Solana dominated when it comes to NFT gross salesalbeit at a barely decrease worth than Bitcoin or Ethereum-based NFT. Solana was additionally probably the most accessible chain with the biggest quantity patrons.

Extra hype got here from the Pudgy Penguins assortment, which was in a roundabout way accountable, however influenced the Solana market. Pudgy Penguins is predicated on Ethereum, however the PENGU token selected Solana and ranked as one of many high meme tokens.

December’s NFT outcomes imply extra patrons and the next common merchandise worth

In December, Solana NFT gross sales briefly spiked and reached bull market ranges from March to April. Solana arrived comparatively late to the NFT house after many of the high collections launched on Ethereum. Nonetheless, decrease charges and extra accessible collections contributed to its acceptance.

The Solana blue chip NFT index began recovering from its native lows in November 2024. The rise in SOL valuations additionally helped enhance the index in greenback phrases. Common gross sales of high collections recovered from 7 SOL to 10 SOL in early 2025.

The Solana blue chip index grew to common greater than 10 SOL in December for gross sales of high NFT collections. | Supply: Step Analytics

Solana’s NFT buying and selling additionally exhibits a extra restricted share of wash buying and selling than Ethereum. On the Ethereum chain, greater than 43% of all transactions confirmed indicators of wash transactions, whereas for Solana the share was 0.20% each day based mostly on Cryptoslam. info.

In December, Solana had fewer patrons however achieved larger NFT valuations. April noticed a surge of curiosity amongst NFT patrons, with 487,046 wallets amassing the digital gadgets. Over the previous twelve months, patrons outpaced sellers, resulting in strong each day gross sales of $3.4 million.

Common gross sales in December have been $79.93 per merchandise, the very best stage for the second half of 2024. NFTs have completely different worth factors, though Solana has gone the route of extra accessible collectibles as a substitute of pricy collections.

Solana nonetheless has its share of blue-chip NFT property, though it begins at a decrease entry level in comparison with Ethereum. Many of the high Solana collections are native and never copies of the main Ethereum entries: Punks, Pudgy Penguins and Bored Apes.

Will Solana NFT Develop in 2025?

Solana has confirmed to be a strong community for creating communities. Meme tokens took on the position of NFT in group constructing, primarily as a consequence of their decrease barrier to entry.

One of many potential vectors for restoration is the repurchase of former high collections. Among the earlier NFTs, which offered for lots of of SOLs, might change into fashionable once more.

As of January, Mad Lads was Solana’s high NFT assortment, with a minimal worth of 78.24 SOL. The gathering has recovered over the previous three months, however continues to be removed from its peak worth of 186 SOL.

Prime collections additionally attempt to use the branding of among the extra profitable Solana cults. The Retardio Cousins ​​assortment is awaiting restoration with a worth ground of 13.15 SOL. Different NFT collections comply with the AI ​​agent development, with NFT for Tensorians, AI16Z Companions, and Zereborn.

Solana NFT provides meme-based artwork with a less complicated aesthetic and operates a special set of communities than Ethereum. Nonetheless, the crossover to memes and AI brokers may improve participation and gross sales. The AI ​​story is placing strain on all different actions because the NFT market struggles to adapt and select between restoring outdated collections or launching new AI-themed NFT.

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