Bitcoin surpasses Ethereum in NFT sales, dominating the market with over $500 million in total transactions across chains.
In the non-fungible tokens (NFTs) market, a remarkable shift has occurred, with Bitcoin taking the lead in sales, overshadowing Ethereum, which has traditionally dominated this space. The recent statistics indicate a 52.81% surge in NFT sales, culminating in a staggering $503.35 million, with Bitcoin contributing a significant portion of this amount.
Growth in NFT Transactions
The NFT market witnessed a rise rise in both buyer and seller activity, with increases of 199.44% and 193.20%, respectively. This surge reflects a growing interest and confidence in the NFT space. The data from cryptoslam.io reveals that Bitcoin’s NFT sales have climbed by 122.16% over the past week, reaching a remarkable $276.79 million. This figure not only represents over half of the total NFT sales but also signifies Bitcoin’s expanding influence in this sector.
In contrast, Ethereum’s growth has been modest, with a slight increase of 0.93%, bringing its total to $99.67 million. Despite this, Ethereum remains a major player in the NFT market. Solana, another significant contributor, has seen a 56.58% jump in sales, amounting to $90.04 million. However, both Polygon and Immutable X have experienced dips in their sales figures.
Bitcoin’s Rise in NFT Collections
A noteworthy aspect of this week’s NFT market is the dominance of Bitcoin-based collections. Among the top ten collections in terms of weekly sales, eight originate from the Bitcoin blockchain, underscoring Bitcoin’s growing presence in this domain. The most notable collections are exclusively Bitcoin-based, with Ethereum and Solana trailing behind with their “Matr1x Kuku” and “Tensorians” collections, respectively.
The Ethereum blockchain still holds the record for the most expensive NFT sale this week, with Fidenza #985 fetching $277K. However, a Bitcoin-based NFT, featuring an Ordinal inscription of a Van Gogh painting, was not far behind, selling for $263K. These sales reflect the diverse and expanding nature of the NFT market, with notable contributions from various blockchains, including Solana, Avalanche, Cardano, and Polygon.
Since November and continuing into the early weeks of December, Bitcoin has consistently outperformed Ethereum in NFT sales. This trend marks a significant shift in the NFT landscape, where Bitcoin’s role has evolved from a mere cryptocurrency to a key player in the digital art and collectibles market. The rise of inscription-based collectibles, particularly on the Bitcoin blockchain, has added a new dimension to the crypto industry, attracting a wider audience and increasing market activity.