Solana NFT Trading volume rebounds to $81M levels not seen since April 2023

As the cryptocurrency market recovers from the bearish trends of 2023, Solana's NFT trading volume has witnessed a remarkable resurgence, surging to $81 million—a level not seen since April. The journey to this recovery was marked by a significant downturn in NFT trading across all markets during the bear trend, leading to a dip in Solana's NFT trading volume to an all-time low (ATL) of $22 million in September 2023, down from its peak of $355 million per month in April 2022.

                                                                     NFT trading volume data by Solscan

Solana Leads Market Recovery

 With the overall crypto market showing signs of improvement and coin prices rising in October, Solana emerged as a frontrunner among top coins, outperforming stalwarts like BTC, ETH, and BNB. This positive momentum marked the turning point for Solana's NFT market, signaling the end of the bearish phase. 

Mad Lads Takes the Lead

Among Solana's NFT projects, Mad Lads, backed by the Backpack team, holding the position as the number one NFT project by market cap on Solana and ranking eighth across all chains, played a pivotal role in the market's recovery. The backpack team also announced the launch of a crypto exchange in Dubai, which caused the surge in Mad Lads' demand. The project witnessed a  remarkable 380% rise in the last 30 days, with a traded volume of $21 million, showcasing renewed investor confidence.

Recovery of Bluechip NFTs

 Established Bluechip NFTs such as SMB, Claynosaurz, Famous Fox, Degenerate Ape Academy,  Taiyo Robotics, Galactic Geckos Okaybears, and  Aurory also started recovering from their lows, indicating a broader resurgence in the Solana NFT ecosystem. NFT project Quekz witnessed an extraordinary rise to fame as its floor price jumped from 4 SOL to 45 SOL, marking a remarkable 1100% increase in just one month. This collective recovery further contributed to the rebound in trading activity.

Tensorians NFT Soars

 Tensor NFT marketplace secured an impressive 60% market share of the total NFT traded volume, leading to the widespread adoption of the narrative that Tensor is the 'Blur of Solana.' This narrative gained substantial traction, creating a surge in demand for Tensorians NFTs, ultimately resulting in a remarkable 700% price jump within the last 30 days. The strategic dominance of Tensor's marketplace, combined with the narrative appeal, played a pivotal role in driving the surge in Tensorians' value.

Inscriptions and SPL-20 Meta

 Inscriptions Meta on Solana inspired by inscriptions on bitcoin with the goal to inscribe the art, fully on-chain and making it immutable contributed significantly to the NFT trading volume, with SOLS, an SPL-20 token, rising to 12 SOL floor and achieving a record $10M trading volume.

The influx of New Users 

The recent resurgence in Solana's NFT trading volume is attributed to the recovery of existing projects and a notable influx of new users. Many of these users engaged in NFT trading for the first time on the Solana blockchain, signaling a potential migration of NFT traders from other chains. This influx aligns with Solana's growing prominence in the DeFi and NFT sectors as users explore the platform for its speed and efficiency.

Conclusion

With an expanding community of newcomers exploring NFT trading on Solana, the prospect of a vibrant ecosystem is rising. This surge in volume and users is poised to inspire talented teams to launch projects on Solana, driving innovation and introducing exciting new use cases, further solidifying Solana’s position as a hub for creative exploration within the NFT space.