Journalist
Posted:
- Last week saw a significant increase in NFT trading activity.
- Over the past 30 days, the Bitcoin network has recorded the most NFT sales volume.
Non-fungible token (NFT) trading volume between leading chains is the highest weekly total of the year, rising to a record-breaking $516 million between December 10 and 17, according to The Block’s NFT. dashboard facts.
Source: Het Blok
This increase comes amid a relatively quiet period for NFTs, with trading volume remaining stable for most of the year.
Since October, there has been a notable increase in NFT trading volume. AMBCrypto found that monthly NFT sales volume saw a remarkable 198% increase between October and November, reaching $918 million.
The last time NFT monthly sales volume reached such heights was in March, when the market recorded total sales of $931 million.
Due to the overall bearish market and low interest in digital collectibles, this fell 67% between March and October, according to data from CryptoSlam.
Source: CryptoSlam
Bitcoin leads, while Ethereum follows
Due to the recent boom in activity around inscriptions and BRC-20 tokens on Bitcoin [BTC] network, it has placed itself above Ethereum [ETH] in terms of NFT sales volume in the past month.
Between December 10 and 17, the Bitcoin network accounted for $305.44 million of the total NFT sales volume of $516 million recorded during that period.
Over the past 30 days, NFT sales volume on the Bitcoin network has increased by 161%, to a current total of $695 million.
In contrast, revenue on the Ethereum network grew by just 9% over the same period, reaching a total of $382 million at the time of writing.
This has happened despite Ethereum taking the lead in terms of the number of buyers and sellers within the period under review. According to CryptoSlam, the total number of NFT traders on Ethereum in the past 30 days was 178,617.
Bitcoin, on the other hand, has only seen 88,305 NFT merchants in the same period.
Source: CryptoSlam
High activity around inscriptions
There has been a general increase in activity around inscriptions on multiple blockchain networks over the past week. This has caused network transaction fees to rise to their highest level in several months due to the surge in network usage.
Last week, on December 16, the Bitcoin network recorded a single-day record of $10 million paid as fees for minting inscriptions on the blockchain, according to data from Dune. Analysis.
Source: Dune Analytics