Bitcoin Blockchain Dominates NFT Sales with $503.35 Million in Weekly Transactions
Date: 2023-12-17 Author: Dima Zakharov Categories: BLOCKCHAIN
Bitcoin Blockchain Dominates NFT Sales
The world of NFTs (Non-Fungible Tokens) witnessed a remarkable surge this week as the total NFT sales volume reached an impressive $503.35 million. What's even more striking is that a substantial portion of this figure, $276.79 million, was transacted on the Bitcoin blockchain, accounting for 54.98% of the weekly sales volume.
Rising Market Activity
This period also marked a substantial increase in market activity, with the number of NFT buyers surging by 199.44% and NFT sellers by 193.20%, as reported by cryptoslam.io.
Bitcoin's Prominence in NFT Sales
The Bitcoin blockchain's performance in terms of NFT sales demands special attention, as it experienced a remarkable 122.16% growth compared to the previous week, amounting to $276.79 million. Despite Ethereum's continued significance in the market, it showed modest growth of only 0.93% for the week, totaling $99.67 million.
Solana's Impressive Growth
Solana also showcased significant growth in NFT sales, reaching $90.04 million, a 56.58% increase compared to the previous week. Meanwhile, sales in Polygon and Immutable X networks decreased by 7.28% and 3.79%, respectively, compared to the previous week.
Bitcoin's Dominance in NFT Collections
This week's data underscores the growing influence of the Bitcoin network in the NFT sector. Eight out of the top ten largest NFT collections in terms of weekly sales belong to the Bitcoin network, with "Matr1x Kuku" from Ethereum and "Tensorians" from Solana occupying the ninth and tenth positions, respectively.
Top NFT Sales
The most expensive NFT sale of the week was Fidenza #985 on Ethereum, sold for $277,000. Following closely was a Bitcoin-based ordinal of Van Gogh's painting, which fetched a price of $263,000 for its new owner. Additionally, notable token sales occurred on Solana, Avalanche, Cardano, and Polygon.
Throughout November and the first two weeks of December, the Bitcoin blockchain consistently outperformed Ethereum in NFT sales, suggesting that this trend is likely to continue in the near future.
