Solana’s non-fungible token (NFT) ecosystem witnessed considerable developments in the month of August. Top NFT projects like Mad Lads, The Heist: Orangutans, and Transdimensional Fox Federation helped the blockchain rake in a total sales volume of nearly $35 million through more than 844,000 transactions.
According to data from NFT analytics platform CryptoSlam, more than 13,000 buyers and 21,000 sellers contributed to Solana NFTs’ sales volume in August 2023. Of the total sales volume of $34.7 million, $397,766 was written off as wash volume, given the 5,784 wash transactions.
Wash transaction/trading is a form of market manipulation that involves the simultaneous buying and selling of the same commodity in order to create a false impression of a healthy trading volume. The wash trading percentage in Solana’s NFT ecosystem increased by nearly 30% over the past month and accounted for 1.13% of its NFT sales volume.
August 16 was the most active day in terms of NFT revenue. With over 11,000 market participants, Solana’s digital art space recorded a sales volume of over $2 million that day. At the end of August 2023, Solana’s NFT ecosystem boasted a total floor value of $179.9 million.
Mad Lads was arguably the most popular NFT project on Solana in August 2023. At the time of writing, the NFT collection had a market capitalization of just under $13 million and a floor price of 53.9 SOL. Mad Lads contributed a total floor value of $10.2 million to Solana’s NFT space in August.
Solana NFTs’ sales volume for the past 24 hours came in at $738,867, with over 4400 sellers and almost 3300 buyers. Data from CoinMarketCap showed that Solana’s native token SOL was trading at $19.7 at the time of writing, with a 24-hour trading volume of almost $197 million.
