Solana Quarters Report: NFTs

    Introduction

    Last week, Massari published a quarterly report on Solana. I decided to focus on the NFT sales data since January 2022 within this report. During this period, NFTs on Solana experienced a series of fluctuations. Additionally, the native token of Solana, Sol, like other tokens in the market, saw a decrease in its price.

    As a result of all these factors, I chose to create a quarterly report specifically on NFTs within the Solana ecosystem. This dashboard comprises three main tabs, including an overview of sales on Solana, a section on the growth of marketplaces in different quarters, and, finally, an examination of the top collections during these various quarters.

    Sales Overview (Per Quarter)
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    NFT Sales
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    In the table below, you will find an overview of NFT sales in different quarters since January 2022, including sales, volume in USD and SOL, and other related parameters.

    Let's dive into the monthly sales per quarter in the Solana Ecosystem since January 2022. Two significant events had a notable impact on Solana's price. First, the LUNA and UST crashes caused Sol's value to drop from $100 to $30. Then, the FTX crash in November 2022 further reduced Sol's price to $10, affecting the NFT market as well.

    Interestingly, during the Q2 2022 Luna Crash, NFT sales increased, reaching their peak in Q3, 2022. However, the Q4, 2022 FTX crash led to a decline in NFT sales from 3 million to 1 million per month. In 2023, there was some growth, but overall, all quarters post-2023 saw the lowest sales compared to previous periods. In the most recent quarter, around 383,000 NFT sales were recorded.

    Buyers and Sellers

    The number of buyers exhibits a similar trend to the number of sales. Solana experienced its peak in the number of buyers during Q4 2022. However, after the FTX event, the number of buyers decreased and hasn't returned to previous levels up to this point.

    Notably, the lowest number of buyers was observed during Q1, Q2, and Q3 of 2023. When compared to the same quarters in the previous year, the number of buyers dropped from 300,000 to below 100,000.

    Volume

    Now, let's delve into the most critical aspect: Sales Volume. Due to the significant fluctuations in Sol's price, the sales volume, both in USD and Sol, varied across different quarters.

    Remarkably, when considering the sales volume in SOL, both Quarter 4, 2022, and Quarter 1, 2023, each recorded a substantial 17 million SOL in sales volume, marking the highest points. Conversely, in terms of sales volume in USD, Quarter 2, 2022, registered the highest sales per quarter with a total of 836 million US dollars, while Quarter 3, 2023, saw the lowest sales volume in USD at 77 million US dollars.

    This difference arises primarily from the varying price of Sol in different quarters.

    In the initial period of Quarter 1, 2022, Sol's price stood at approximately $100, while during that same period, the selling price was below $20.

    NFT Prices

    If you're curious about which quarters achieved the highest NFT prices, please refer to the charts below. As you can observe, in terms of US Dollars, NFTs had their highest average price in Quarter 1, 2022, at an average of $251 per NFT. Conversely, when considering SOL as the currency, Quarter 1, 2023, stands out with an average NFT price of 5.4 SOL.

    It's worth noting that in Quarter 1, 2023, 5.4 SOL was equivalent to approximately $100, whereas in Quarter 1, 2022, 2.3 SOL was valued at around $250.

    In the chart below, you can track the percentage difference in USD and SOL for Month-over-Month (MoM) since January 2022.