Sales of non-fungible tokens (NFTs) increased 52.81% over the past week, reaching a total of $503.35 million. Bitcoin 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 booming NFT market
Total NFT sales this week, which amounted to $503.35 million, saw Bitcoin accounting for more than half of this figure, with the $276.79 million representing 54.98% of the week’s total. This period also marked a significant increase in market activity, with a 199.44% increase in the number of buyers and a 193.20% increase in the number of sellers of NFTs, according to cryptoslam.io statistics.
Bitcoin’s performance in NFT sales was remarkably strong, up 122.16% from the previous week, reaching $276.79 million. Ethereum, while still important in the market, saw modest week-on-week growth of just 0.93%, reaching a total of $99.67 million.
Solana also showed a substantial increase in NFT sales, reaching $90.04 million, up 56.58% from last week. Meanwhile, both Polygon and Immutable
This week’s data highlights Bitcoin’s growing influence in the NFT sector, with eight of the ten largest NFT collections, in terms of weekly sales, coming from the Bitcoin blockchain. The top seven collections are all Bitcoin-based, while the eighth and ninth positions were occupied by Ethereum’s “Matr1x Kuku” and Solana’s “Tensorians” respectively.
The most expensive NFT sale this week came from the Ethereum blockchain, with Fidenza #985 fetching $277,000. Close behind was a Bitcoin-based NFT, an ordinal inscription from a Van Gogh painting, that fetched $263,000.
Other notable sales came from Solana, Avalanche, Cardano and Polygon. While Bitcoin-based NFTs started making 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 consistently outperformed Ethereum in NFT sales, a trend that is relatively rare in this space.
What do you think of the rise in NFT sales and Bitcoin’s latest lead? Share your thoughts and opinions on this topic in the comments below.