Bitcoin Flips Ethereum for the First Time in 24-Hour NFT Sales Shift 

MARKET_WATCH NFT

On Wednesday, November 8, 2023, the Bitcoin blockchain saw its non-fungible token (NFT) asset sales surpass those on the Ethereum platform, marking a historic shift during a single-day span. 

 

According to the analytics provided by cryptoslam.io, Bitcoin-based NFT transactions amounted to $17.17 million, eclipsing the $15.77 million in Ethereum NFT sales recorded during the 24-hour period. 

 

Bitcoin’s NFT Sales Eclipse Ethereum in Single-Day Surge 

 

The trend for Bitcoin NFT transactions has seen an upward trajectory lately, and just three days ago, Bitcoin.com News highlighted that Bitcoin had secured the runner-up spot for NFT sales across a week. In a significant first, Bitcoin’s Ordinal inscriptions, its unique brand of NFTs, exceeded Ethereum’s sales over a 24-hour time frame on Wednesday. 

 

NFT connoisseur Leonidas, the founder of Ord.io, documented this unprecedented event onchain, marking the occasion when Bitcoin-based NFTs leaped ahead of their Ethereum counterparts for the first time in history. Leonidas said: Breaking – Ordinals just flipped Ethereum NFTs for the first time. So of course I had to inscribe it into Bitcoin forever. 

 

Recently, Ordinal inscriptions witnessed a noticeable downturn in activity that persisted for over a month. This decline followed a peak in daily mints; afterward, the number of new inscriptions faced a persistent struggle until October 24. However, the tide has turned since then, and by November 4, the second-largest number of inscriptions was recorded in a single day, tallying 433,471. 

 

Looking at a week’s performance in NFT sales, Ethereum has seen an increase, netting $79.61 million since Wednesday, November 1, 2023, which represents a 45.66% rise from the previous week, as reported by cryptoslam.io. In comparison, Bitcoin’s weekly NFT sales also enjoyed a rise, boasting a 661.60% increase from the prior week with sales hitting $55.52 million. 

 

On Wednesday, the “$SATS BRC-20 NFTs” collection outperformed the Bored Ape Yacht Club (BAYC) series, climbing to the top of the sales chart. Trailing BAYC, the “$RATS BRC-20 NFTs” secured the third spot in sales over the past 24 hours. The chances of Bitcoin NFTs taking the upcoming week’s first-place spot are slim as Ethereum is already ahead by $24.09 million.

 

Source : Bitcoin News by Jamie Redman / November 08, 2023

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