Solana NFT Traders Increase by 111%, Yet Sales Decrease – What’s the Reason behind it?

  • It’s bustling over at Solana with a surge in NFT traders hitting a new high!
  • Though the price of SOL is droppin’, so is the volume of NFT sales.

On the 8th of May, the number of non-fungible token [NFT] traders on Solana [SOL] shot up to levels not seen in months, as reported by CryptoSlam.

A whopping 123,426 traders engaged in the purchase of at least one NFT on Solana that day – a remarkable 111% jump from the previous day’s tally of 58,405 traders.

Solana NFT Activity

Source: CryptoSlam

Yet, the exuberance in trader numbers did not translate to NFT sales as the volume on Solana dipped by 16% on the same date, with a total sales value of $3.01 million compared to over $3.5 million on the previous day.

Could this decline in sales be linked to SOL’s value nosedive? CoinMarketCap’s data indicate a 7% fall in SOL’s price between the 7th and 8th of May, settling at $143.04 at the time of reporting.

Although a drop in SOL’s price might make NFT transactions cheaper, it has the flip side of potentially stalling sales if investors await better returns in the future.

This cautious approach could lead to fewer high-value NFT transactions, impacting the overall sales volume.

Exploring the NFT Realm

A snapshot of the wider NFT ecosystem indicates a downturn in the last 30 days, aligning with the overall crypto market trend.

According to CoinGecko, the global cryptocurrency market cap has shrunk by 15% over the past month, currently standing at $2.4 trillion.

Data from NFTGo show a 29% decline in NFT sales volume in the same period, totaling $488 million.

As trading slows down, the NFT market capitalization has also taken a hit, dropping by 15% to $17.28 billion.

NFT market cap and trading volumeNFT market cap and trading volume

Source: NFTGo

Curious about Solana’s [SOL] Price Forecast for 2024-25? Dive in!

During this period, the count of NFT traders saw a 9.5% dip.

According to NFTGo, a total of 107,000 unique addresses engaged in NFT transactions across various collections in the last month.

Next: Will XRP fall below $0.51? Here’s what to watch for in the upcoming week!

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