Journalist
Posted:
- The volume of Bitcoin NFTs rose to over $100 million on the NFT platform.
- The BTC collections were among the top collections.
Magic Eden’s recent data revealed substantial Bitcoin dominance [BTC] NFT volume on the network, set a new record.
aLet’s delve into the booming NFT sales on this platform the overall growth of Bitcoin NFT volume over the past 30 days.
Bitcoin NFT Volume Leads to Magic Eden
AMBCrypto’s analysis of NFT volume across networks on Magic Eden showed that Bitcoin has become the network with the highest volume in February so far.
Dates of Dune Analytics showed that NFT volume was over $106 million at the time of writing. This meant that the volume was 61.5% of the network’s volume.
Further analysis of the data showed that last month’s volume was approximately $81 million, meaning there was significant growth in the current month.
Source: Dune Analytics
Bitcoin comes in second in total NFT volume
According to an analysis of NFT volume on Crypto Slam NFT, Bitcoin had the second highest NFT volume in the past 30 days.
The data showed that NFT sales volume on the network exceeded $286 million during this period.
Further examination of the sales rankings of NFT collections reveals that two collections from the Bitcoin network take the second and third positions.
At the time of writing, it also ranked second among the networks with the highest sales volume, with sales volume exceeding $12 million.
Notably, an uncategorized collection of Bitcoin topped the collection sales rankings with over $2.4 million at the time of writing.
Has NFT volume affected network costs?
Despite the notable increase in Bitcoin NFT sales volume, analysis of fees on the Bitcoin network indicates minimal impact.
How much are 1,10,100 BTCs worth today?
Crypto fees’ The chart shows that, apart from a spike on February 3 when fees exceeded $7 million, fees have consistently remained within the $1 million range.
The compensation amounted to more than $1.8 million at the time of writing.
