NFT Sales Surge to USD 535.35M with Bitcoin Contributing 54.98%
Total non-fungible tokens (NFTs) sales have surged over the past week by 52.81%, reaching a total of USD 503.35 million. Bitcoin leads this week’s NFT market with USD 276.79 million in sales, toppling Ethereum’s previously held top spot at USD 99.67 million.
Bitcoin Topples Ethereum from the Top Spot of the NFT Market
Bitcoin accounts for more than half of this week's total NFT sales, amounting to USD 503.35 million, with its USD 276.79 million sales accounting for 54.98%. According to cryptoslam.io data, this period witnessed a significant rise in market activity, with a 199.44% rise in buyers and a 193.20% surge in sellers of NFTs.
The NFT sales performance of Bitcoin was significantly strong, with a 122.16% rise over the past week, amounting to USD 276.79 million. Ethereum registered a modest week-over-week uptick of 0.93%, totaling USD 99.67 million.
Solana also registered a substantial rise in NFT sales, reaching USD 90.04 million, a 56.58% rise from last week. Both Polygon and Immutable X declined in sales, dropping by 7.28% and 3.79%, respectively, over the past week.
Bitcoin's Growing Hold in the NFT Sector
Eight of the top ten NFT weekly sales collections this week are from the Bitcoin blockchain, revealing the growing hold of Bitcoin in the NFT sector. The leading seven collections are Bitcoin-based, while the eighth and ninth positions are held by Ethereum-based “Matr1x Kuku” and Solana’s “Tensorians," respectively.
However, this week's most expensive NFT sale is from the Ethereum blockchain, with Fidenza #985 commanding USD 277K. Bitcoin-based NFT, an Ordinal inscription of a Van Gogh painting, collected USD 263K and was close behind.
Solana, Avalanche, Cardano, and Polygon blockchains also registered significant sales. The trend of inscription-based collectibles has made a significant impact on the crypto industry, and Bitcoin-based NFTs have expanded their presence in the 2023 market.
Bitcoin has managed to topple Ethereum from the top spot in NFT sales in November and the first two weeks of December, setting a relatively new trend in this domain.
What is your take on the surge in NFT sales and Bitcoin leading the weekly sales pitch? Please share your thoughts and opinions in the comments section below.
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