In a resounding testament to the burgeoning NFT market, sales on 21 tracked blockchains reached an astonishing $1.75 billion in December 2023, marking a staggering 91% increase from the previous month’s $916 million, according to facts compiled by CryptoSlam. This rise in NFT transactions underlines the dynamic growth of the digital asset space, with Bitcoin (BTC) and Solana (SOL) emerging as market leaders.
In particular, NFT sales on the Bitcoin blockchain dominated the landscape, accounting for almost 50% of the total, translating into a remarkable $881 million. Solanaa blockchain gaining momentum for its speed and low transaction fees, took second place with a 21% share and boasts $366 million in NFT sales.
Rise of Bitcoin NFTs
In December, no fewer than 111,713 different buyers were contacted concerned in NFT transactions on the Bitcoin blockchain. At the same time, the number of seller addresses rose to a new high, reaching a total of 98,744. This increase in participants marks the highest number of sellers in a single month, highlighting the extensive involvement in the Bitcoin NFT ecosystem.
A notable development in the NFT space is the rise of Bitcoin NFTs, also known as Ordinals. Bitcoin NFTs differ from the commonly pegged Ethereum-based NFTs and are distinguished by the fact that they are directly inscribed on individual satoshis, the smallest units of BTC. Since each Bitcoin is divisible into 100 million satoshis, the process of creating NFTs involves inscribing data onto these small units, introducing a distinctive element to the NFT landscape.
The increase in NFT transactions on the Bitcoin blockchain reflects the growing popularity and acceptance of digital assets. Both buyers and sellers are actively involved in the decentralized and dynamic NFT market, further confirming the market’s maturity and expansion potential. These impressive statistics indicate strong activity within the crypto sphere, laying a solid foundation for continued innovation and growth in the industry.
