The non-fungible token (NFT) industry is taking over the world. Digital tokens have been available for a while, but their popularity skyrocketed in March after artist Beeple’s work, Everydays: The First 5000 Days, sold for $69 million.
The crypto business has presented several intriguing initiatives to users, and Solana is one of the projects that has seen great growth in the last year.
Since the beginning of August, the secondary market for Solana-based nonfungible tokens (NFT) has exceeded around $500 million.
According to data from CryptoSlam, Solana had a record month for secondary NFT sales volume in September, with $189.4 million in sales. While some consider Solana as a “Ethereum killer,” the Ethereum blockchain remains the most popular, with NFT enthusiasts and secondary Ethereum sales reaching $2.2 billion in the same month.
Solana is currently ranked fourth in terms of 24-hour secondary volume with $1.9 million on CryptoSlam’s list of the best NFT blockchains. Ethereum ($37.7 million), Ronin ($23.5 million), and Wax ($4.5 million) are at the top of the rankings.
Since its inception in mid-August, Solana’s biggest NFT project, the Degenerate Ape Academy, has produced $105.9 million in secondary sales. The Degenerate Ape NFTs feature animated ape avatars with distinct characteristics, and the project has received $454,000 in secondary sales in the last 24 hours.
Thanks to NFTs, which use blockchain technology to create an authoritative copy of digital property, artists, singers, influencers, and sports teams can profit from digital goods that would otherwise be cheap or free.
Owners of digital art, collectibles, and a variety of other things can use them to monitor ownership, and they’re becoming more popular as blockchain technology takes off.