In a notable turn of events, the bitcoin nft 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.
bitcoin's rise in the nft space was extraordinary, accounting for more than half of total monthly nft sales.
Data obtained from CryptoSlam reveals that bitcoin nft sales experienced an unprecedented surge, reaching abitcoin” target=”_blank” rel=”noopener nofollow”> all-time high of more than $880 million Only in December.
This surge not only outperformed established blockchain platforms, but also marked a profound shift in the preferences of nft enthusiasts and investors.
bitcoin NFTs dominate the competition
The increase in bitcoin-nfts/” target=”_blank” rel=”noopener nofollow”>bitcoin NFTs It was accompanied by a staggering increase in the number of participants within the market. Both buyers and sellers flocked to the nft ecosystem, with a notable 140% increase in activity.
More than 9,000 buyers and 10,000 sellers enthusiastically entered the market, contributing to the overall vibrancy and diversity of the bitcoin-focused nft space.
btc market cap currently at $844.795 billion. Chart: TradingView.com
ethereum saw a decline in nft sales, falling 16% to $350 million, but bitcoin continued to dominate. On the other hand, Solana saw a notable 250% expansion, while its overall revenue was still below that of ethereum and bitcoin.
In the current surge in bitcoin nft sales, ordinals have become crucial. With the launch of this new technology in September 2022, users will be able to directly record digital content, such as images, movies, and music, to the bitcoin blockchain.
In the first two months, more than 13,000 Ordinals transactions were executed, using up to 526 MB of bitcoin block space, according to BitMEX.
bitcoin network hits fee spike in one day
As a result of the increased activity, the bitcoin network hit a one-day high on December 17 of $10 million in fees paid to mint inscriptions on the blockchain, according to statistics from Dune Analytics.
A digital replica of Vincent Van Gogh's 1888 self-portrait (Van Gogh painting #216), which sold for $1.19 million, was the most valuable nft transaction of December. Previous sales of numbers 132 and 283, two more pieces from the same series, generated $1.3 million and $1.27 million, respectively.
Source: CryptoSlam
Although global nft sales reached a remarkable $1.7 billion this month, this figure is still well below its record of $5.5 billion in August 2021.
Proponents such as Michael Saylor, co-founder of MicroStrategy, and Udi Wertheimer, who developed bitcoin, support Ordinals as a means to improve bitcoin's durability.
However, not everyone in the bitcoin community agrees. bitcoin Core developer Luke Dashjr argues that these sign-ups take advantage of a flaw in the data size restriction, which could result in network spam.
In recent weeks there has been a decline in nft sales activity in the general market, despite considerable activity on the bitcoin network. nft sales volume and market value have decreased over the past seven days, according to data from NFTGo.
Featured image from Freepik
