Put aside ETH and SOL, as Bitcoin NFTs soar with $880 million in sales.

In a remarkable turn of events, the Bitcoin NFTs market witnessed a significant shift in dynamics last month, as Bitcoin emerged as the dominant force, stealing the spotlight from traditional players like Ethereum, Solana, and Polygon.

The rise of Bitcoin in the NFT space was nothing short of extraordinary, as it accounted for more than half of the total monthly NFT sales.

Data sourced from CryptoSlam reveals that sales of Bitcoin NFTs experienced an unprecedented surge, reaching an all-time high of over $880 million in December alone.

This surge not only surpassed the performance of established blockchain platforms but also signaled a profound shift in the preferences of NFT enthusiasts and investors.

1. Bitcoin Emerges as Dominant Force:

  • Bitcoin outperformed Ethereum, Solana, and Polygon in the NFT market last month.
  • Bitcoin accounted for over half of total monthly NFT sales, reaching an unprecedented $880 million in December.

2. Surge in Participants and Activity:

  • Bitcoin’s rise in the NFT space led to a 140% increase in market activity.
  • More than 9,000 buyers and 10,000 sellers entered the Bitcoin-centric NFT market.

3. Ethereum’s Decline, Solana’s Growth:

  • Ethereum experienced a 16% decrease in NFT sales, totaling $350 million.
  • Solana witnessed a significant 250% expansion, though its overall revenue lagged behind Ethereum and Bitcoin.

4. Introduction of Ordinals Technology:

  • Ordinals technology, introduced in September 2022, allowed direct engraving of digital content onto the Bitcoin blockchain.
  • Over 13,000 Ordinals transactions occurred in the first two months, utilizing 526MB of Bitcoin blockspace.

5. Bitcoin Network Activity and Fees:

  • Increased NFT activity led to the Bitcoin network reaching a one-day high on December 17, with $10 million in fees paid for minting inscriptions.
  • Digital replicas of Van Gogh’s paintings were among the most valuable NFT transactions in December.

6. Global NFT Sales Overview:

  • Despite the surge in Bitcoin NFTs, global NFT sales reached $1.7 billion in December, lower than the record $5.5 billion in August 2021.
  • Ordinals technology gains support for enhancing Bitcoin’s durability, but some in the community raise concerns about potential network spam.

7. Recent Market Trends:

  • While Bitcoin NFT activity remained strong, the general NFT market experienced a pullback in sales volume and market value over the past seven days.
  • Proponents like Michael Saylor and Udi Wertheimer support Ordinals, while Bitcoin Core developer Luke Dashjr raises concerns about data size restrictions.

Note: The featured image is sourced from Freepik.

Leave a Comment