2024-01-05 11:36:43
Bitcoin’s network has overtaken Ethereum’s. The blockchain with the largest non-fungible token, i.e. NFT sales volume, was already Bitcoin in December.
Bitcoin vs Ethereum NFT-k
A According to CryptoSlam data in December, NFT sales on the Bitcoin network reached $881 million. In contrast, there were only $353 million worth of NFT sales on the Ethereum blockchain.
In November, Ethereum NFT sales were almost 10% less than those registered on the Bitcoin network. This is the first time this has happened in the history of NFTs.
The spike in NFT activity registered on the Bitcoin network over the past two months can be attributed to a resurgence of interest in the indentations and ordinals found on the blockchain.
According to Dune Analytics data, the Bitcoin network already reached a one-day peak on December 16 thanks to the high activity. Back then, $10 million was paid out in one day for indents on the BTC blockchain.
Source: Dune Analytics
Additionally, the activity of Ordinals on the Bitcoin network has led to an increase in demand for blocks. On December 18th, the activity around the carvings already accounted for 39% of the network’s virtual block area.
Source: Dune Analytics
Interestingly though it is Ethereum on lower sales volume testifies, as with the Bitcoin network, in December yet he knew a higher number of transactions the network to register. The total number of NFT transactions on Ethereum during the 31-day period totaled 698,201. In contrast, the Bitcoin network recorded only 493,516 transactions during the same period.
Hectic NFT market
In the first days of the new trading year, the Bitcoin network continues to lead in terms of NFT sales transactions. So far this year, the chain has achieved sales volume of $61.08 million.
According to CryptoSlam, Ethereum NFT sales volume during that time was only $27 million.
In addition to the high activity already seen on the Bitcoin network, NFT sales also started up once more in the past week.
Source: NFTGo
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