NFT sales volume on the Bitcoin network exceeded Ethereum in December.
This occurred despite Ethereum recording a higher transaction count.
The Bitcoin [BTC] Network outpaced Ethereum [ETH] as the blockchain with the highest non-fungible token (NFT) sales volume in December, marking the second such occurrence in just two months.
According to data from CryptoSlam, in December, NFT sales on the Bitcoin network totaled $881 million compared to Ethereum’s $353 million.
In November, NFT sales on Ethereum fell behind those recorded on the Bitcoin network by almost 10%, to mark the first time in history that the latter would record a higher sales volume than the former.
The surge in NFT activity recorded on the Bitcoin network in the last two months can be attributed to the resurgence in interest in inscriptions and Ordinals on the blockchain.
Due to the high activity, by 16th December, the Bitcoin network recorded a single-day high of $10 million paid as fees to mint inscriptions on the blockchain, according to data from Dune Analytics.
Also, the activity of Inscriptions and Ordinals on the Bitcoin network resulted in an uptick in demand for blockspace. As of 18th December, AMBCrypto found that activity around inscriptions accounted for 39% of the virtual blockspace on the network.
Interestingly, while Ethereum witnessed a lesser sales volume than the Bitcoin network, it recorded a higher transaction count in December. AMBCrypto found that the total count of NFT transactions completed on Ethereum during the 31-day period totaled 698,201.
On the other hand, the Bitcoin network registered only 493,516 transactions.
The market so far this month
With four days into the new trading year, the Bitcoin network remains in the lead regarding NFT sales transactions. So far this year, the chain has recorded a sales volume of $61.08 million.
However, Ethereum has seen an NFT sales volume of $27 million, according to data from CryptoSlam.
Despite the high activity on the Bitcoin network, the general market has witnessed a retracement in NFT sales activity in the last week. Data from NFTGo showed a decline in NFT sales volume and market capitalization in the last seven days.
Information from the data provider showed that NFT sales volume in the general market had totaled $116 million in the last week, dropping by 10%.
Likewise, the NFT market capitalization had reduced by 3% during the same period.
Source : AMBCrypto by Abiodun Oladokun / Jan 4, 2024