Bitcoin Beats Ethereum to Become No. 1 NFT Network By Sales Volumes

YEREVAN (CoinChapter.com) — In what comes as a major achievement for the Bitcoin (BTC) network, the blockchain has unseated Ethereum (ETH) in terms of nonfungible token (NFT) sales volumes. According to data from analytics firms, Bitcoin NFT sales crossed $881 million in December 2023. 

Bitcoin NFTs outperform Ethereum counterparts

Ethereum (ETH) has traditionally recorded the largest NFT sales volumes. However, the recent surge in Ordinal Inscriptions has seen Bitcoin increasingly become a viable option for digital collectibles. 

While Bitcoin NFT sales neared the billion mark, Ethereum recorded more than two times less, at $364.79 million. 

The Solana (SOL) Network registered an over 300% spike in its NFT sales volumes compared to the previous month. This helped it to record $325.14 million in nonfungible token sales, taking the third spot ahead of Polygon (MATIC) and Arbitrum (ARB) with their $47,590,789.81 and $28,327,354.00 in NFT sales, respectively.

According to the Cryptoslam data portal, the Bitcoin network reached over 111,000 unique buyers and 98,744 unique sellers in December. The average sale value for the month stood at $1,785.57. 

Will NFT sales volumes hold up in January?

Despite the impressive numbers registered by the Bitcoin network, overall NFT sales saw a 35% plunge in the last week of December. This, however, did not prevent transactions from reaching a whopping $1.7 billion in the last month of the year.

The spike in Bitcoin NFT sales volume has ignited optimism in the market. Industry watchers are optimistic that the possible approval of spot Bitcoin ETF in January 2024 will boost overall markets, including those of nonfungible tokens. 

However, not everyone has rushed to celebrate. As crypto analyst Ali Martinez points out, a correction often follows Bitcoin’s strong fourth quarter (Q4) in the following January. 

With BTC price surging above $42,500 in the recent rally, the markets can see a large dump in the coming days. This will translate to investors drawing profits, pushing NFT floor prices down. 

However, Bitcoin NFT sale volumes have emerged as the winner among major networks.