Ethereum Reclaims NFT Market Dominance from Bitcoin
Ethereum, the largest blockchain network for non-fungible tokens (NFTs), has regained its dominance in the NFT market. Earlier this month, Bitcoin had surpassed Ethereum in NFT trading volume during a short market rally for BRC-20 NFTs.
Data from CryptoSlam.io, an on-chain data aggregator, reveals that Ethereum-based NFTs are currently the most traded, surpassing Bitcoin-based NFTs which had dominated the market for the past three weeks.
Ethereum Outperforms Bitcoin in NFT Sales Volume
In the last 24 hours, Ethereum-based NFTs have recorded a trading sales volume of $13 million, while Bitcoin-based NFTs have only amassed $5 million. This means that Ethereum’s NFT sales volume is more than double that of Bitcoin.
Solana and Immutable X are the third and fourth most traded NFT collections respectively, with sales volumes of $1.7 million and $806,456. However, Solana-based NFT sales volumes have decreased by 12% in the past 24 hours, while Immutable X is down 1%.
Mythos Chain-based NFT collections rank fifth in terms of trading volume, with a total sales volume of $750,979. These collections account for 1.49% of overall sales across all blockchain networks, which have reached $23 million.
The Top 10 Most Traded NFTs in the Last 24 Hours
1. Bored Ape Yacht Club NFTs
Bored Ape Yacht Club is currently the most traded NFT collection. It features a fixed set of 10,000 NFTs hosted on the Ethereum blockchain network. In the past 24 hours, the trading sales volume for Bored Ape Yacht Club reached $2.2 million, an increase of 11.57% from the previous day.
2. $SAT BRC-20 NFTs
$SAT is a crypto token created on the Bitcoin blockchain network using the BRC-20 protocol. In the last 24 hours, $SAT BRC-20 NFTs recorded a trading sales volume of $1.7 million, showing a significant increase of 96.18% compared to the previous day.
3. $RAT BRC-20 NFTs
$RAT is an animal crypto token created on the Bitcoin blockchain network using the BRC-20 NFT protocol. The trading sales volume for $RAT BRC-20 NFTs reached $840,545 in the past 24 hours, marking a sales volume increase of 77.29%.
4. FrxETHRedemtion NFTs
FrxETHRedemtion is an NFT collection hosted on the Ethereum blockchain network. In the last 24 hours, it recorded a trading sales volume of $812,055, experiencing an astonishing sales volume increase of 390,160% within hours.
5. DMarket NFT Collection
DMarket is an NFT collection hosted on the Mythos Chain blockchain network. In the past 24 hours, it amassed a trading sales volume of $731,446, with a slight increase of 1.0% compared to the previous day.
6. Gods Unchained NFT Collection
Gods Unchained is an NFT collection from the Ethereum Layer 2 network, Immutable X. It recorded a trading sales volume of $686,679 in the past 24 hours, but experienced a decrease of 7.02%.
7. Mutant Ape Yacht Club NFTs
Mutant Ape Yacht Club is an NFT collection featuring a limited edition of 20,000 NFTs hosted on the Ethereum network. In the last 24 hours, it reached a trading sales volume of $511,703, showing an increase of 13.83% from the previous day.
8. DeGods NFT Collection
DeGods is an NFT collection from Dust Labs featuring a limited edition of 10,000 NFTs hosted on the Ethereum network. It raised a trading sales volume of $472,075 in the past 24 hours but experienced a decrease of 22%.
9. AOIEngine NFT Collection
AOIEngine is an NFT collection hosted on the Ethereum blockchain network. In the last 24 hours, it recorded a trading sales volume of $429,053. However, it experienced a significant decrease of 75%.
10. CryptoPunks NFT Collection
CryptoPunks is an NFT collection that was previously owned by Larva Labs before being sold to Bored Ape Yacht Club creator Yuga Labs. With a limited edition of 10,000 NFTs, it is currently the tenth most traded NFT collection with a sales volume increase of 211%.
Will BRC-20 NFTs Rally Again This Week?
The recent market rally for Bitcoin BRC-20 NFTs has cooled off in the past few days after three weeks of bullish activity. However, it is expected that BRC-20 NFTs, along with other NFT collections, will continue to thrive in the coming weeks. The global NFT market is predicted to undergo another bull run similar to the historic 2021 surge.
Hot Take: NFT Market Sees Ethereum’s Resurgence
Ethereum has made a comeback in the NFT market, surpassing Bitcoin in trading volume. With its robust infrastructure and wide adoption, Ethereum remains the leading blockchain network for hosting and trading NFTs. While Bitcoin had a short-lived dominance, it seems that Ethereum’s popularity and versatility have enabled it to reclaim its position at the top. As the NFT market continues to evolve and grow, we can expect more competition and innovations from various blockchain networks. However, Ethereum’s established presence gives it a strong advantage in maintaining its dominance in the NFT space.
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