NFT Sales Soar to Over $500M; Bitcoin Leads With Unprecedented Growth

Sales of non-fungible tokens (NFTs) have surged by 52.81% over the past week, reaching a total of $503.35 million. Bitcoin has emerged as the frontrunner in this week’s NFT market, generating $276.79 million in sales, surpassing Ethereum’s $99.67 million, which previously held the top spot.

Bitcoin Once Again Outperforms Ethereum in Thriving NFT Market

The total NFT sales this week, amounting to $503.35 million, saw Bitcoin accounting for more than half of this figure, with its $276.79 million representing 54.98% of the week’s total. This period also marked a significant rise in market activity, with a 199.44% increase in buyers and a 193.20% surge in sellers of NFTs, according to cryptoslam.io stats.

Bitcoin’s performance in NFT sales was notably strong, with a 122.16% increase compared to the previous week, amounting to $276.79 million. Ethereum, while still significant in the market, saw a modest week-over-week growth of just 0.93%, totaling $99.67 million.

Solana also showed a substantial rise in NFT sales, reaching $90.04 million, a 56.58% increase from last week. Meanwhile, both Polygon and Immutable X experienced declines in sales, dropping by 7.28% and 3.79% respectively, compared to the previous week.

This week’s data highlights Bitcoin’s growing influence in the NFT sector, with eight of the top ten NFT collections, in terms of weekly sales, originating from the Bitcoin blockchain. The leading seven collections are all Bitcoin-based, while the eighth and ninth positions were held by Ethereum’s “Matr1x Kuku” and Solana’s “Tensorians” compilation, respectively.

The most expensive NFT sale this week came from the Ethereum blockchain, with Fidenza #985 fetching $277K. Close behind was a Bitcoin-based NFT, an Ordinal inscription of a Van Gogh painting, which garnered $263K.

Other notable sales originated from Solana, Avalanche, Cardano, and Polygon. Notably, while Bitcoin-based NFTs began to make their presence felt in the market in 2023, the trend of inscription-based collectibles has left a significant mark on the crypto industry.

Throughout November and the first two weeks of December, Bitcoin has consistently outperformed Ethereum in NFT sales, a trend that is relatively rare in this domain.

What do you think about the uptick in NFT sales and Bitcoin’s latest lead? Share your thoughts and opinions about this subject in the comments section below.

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