Ethereum Overtakes Bitcoin in NFT Sales: Is Bitcoin NFT Season About to End?

ethereum, the largest blockchain for non-fungible tokens, has increased its trading sales in recent weeks, breaking resistance level to become the most traded blockchain network for NFTs. ethereum has regained its dominance in the nft market against its competitors, bitcoin and Solana.

ethereum regains its initial dominance in the nft market

Data collected by cryptoslam.io, an on-chain data aggregator, indicates that ethereum nft sales volume has increased in recent days. In the last 24 hours, ethereum has accumulated an nft trading volume of $16 million, representing a 22% increase from the previous day.

During this period, non-fungible token collections hosted on bitcoin, the blockchain network that powers the flagship cryptocurrency bitcoin, have been the second most traded nft collections, accumulating a trading sales volume of $9.7 million. bitcoin is down 25% in nft trading sales volume.

Non-fungible token collections hosted on Solana, the decentralized blockchain network that uses a proof-of-stake consensus mechanism, are the third most traded nft collection at the moment. In the last 24 hours, Solana-based nft collections have recorded a trading volume of $5.6 million.

However, the Solana-based nft collection has increased 7% in commercial sales volume. In related analysis, Polygon-based nft collection has also plummeted in trading sales volume. In the last 24 hours, Polygon nft recorded a trading sales volume of $3.3 million, ranking fourth in nft sales.

Is bitcoin nft season about to end?

bitcoin assumed dominance of the nft market in November, following the resurgence of BRC-20 NFTs and bitcoin Ordinals. Launched early last year, bitcoin Ordinals are collections of non-fungible tokens created in bitcoin using Satoshi Ordinal Theory, while BRC-20 are NFTs similar to ERC-20 NFTs.

bitcoin has experienced three months of a bull market rally, leaving billions of dollars traded in the nft ecosystem. Unfortunately, the bitcoin nft hype seems to be cooling off in recent days. In the last 24 hours, bitcoin Ordinals is in third place behind the ethereum-based nft collection MintID and Pudgy Penguins.

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On the other hand, bitcoin BRC-20 nft collections also seem to have lost their initial enthusiasm. The first nft BRC-20 ($LIGO) is in eighth place, accumulating only $1.1 million. In the last 24 hours, the nft collection has decreased by 17% in commercial sales volume. However, bitcoin NFTs are expected to continue to thrive alongside the overall nft market, which is expected to retest the Bull Run.

nft related news:

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