- In 2024, NFT activity on the Bitcoin network has decreased.
- Due to the low activity, there has been a decrease in demand for blockspace by Inscriptions.
Monthly Bitcoin NFT Sales Volume [BTC] The network fell more than 60% in January after December’s record highs, data show CryptoSlam showed.
Data from the NFT analytics platform showed that the Bitcoin network surpassed Ethereum [ETH] as the blockchain with the highest NFT sales volume in December 2023.
While NFT sales volume on the former totaled $881 million, the latter recorded a sales volume of $353 million.
In November of the same year, NFT sales on the Ethereum network fell almost 10% behind those of the Bitcoin network.
This was the first time in history that the latter would record a higher monthly sales volume than the former.
However, with a drop in NFT trading activity on the Bitcoin network this month, sales volume has lagged behind Ethereum.
According to data from CryptoSlam, NFT sales transactions worth $314.2 million have been executed on Bitcoin with two days until the end of January.
On the other hand, Ethereum has recorded a sales volume of $328.4 million in the last 28 days.
Goodbye ordinal numbers?
AMBCrypto reported rather that the increase in NFT activity on the Bitcoin network in November and December 2023 was mainly driven by the general increase in interest in inscriptions and ordinal numbers on the blockchain.
This was reflected in the high fees that users paid to place inscriptions on the blockchain.
For example, on December 10, 2023, the chain recorded a per diem fee of $10 million as total transaction fees paid to mint inscriptions on the network.
However, as the year so far has been marked by a decline in interest in this digital asset class, there has been a corresponding decline in the costs spent daily on minting inscriptions.
According to data from a Dune Analytics dashboard from Data alwaysCoin costs peaked at $5 million on January 14 and have fallen 83% since then.
As of January 28, the cost of striking inscriptions was $848,000.
Source: Dune Analytics
As Inscription activity on the Bitcoin network collapses, demand for blockspace for non-traditional transactions has decreased.
AMBCrypto’s examination of Dune Analytics’ dashboard found that weekly demand for blockspace for inscriptions on the blockchain has fallen by 33% since the beginning of the year.
Source: Dune Analytics