How did NFTs perform in 2023?
NFT projects played a crucial role in the crypto market in 2023, despite negative sentiments. Statistics show that NFT users have kept the space alive, with the top 10 NFT blockchains generating $1.5 billion in sales in the past 30 days. This indicates that NFTs are still in demand. The NFT space also saw some notable moments and changes throughout the year.
Ordinals Took Us by Surprise
A surprising development in 2023 was the emergence of Bitcoin Ordinals. These are NFTs on the Bitcoin blockchain that allow for the creation of distinct digital items using individual Satoshis. By December 2023, over 47 million Ordinals had been created on Bitcoin, generating significant fees for miners.
Some Outstanding Moments for NFT Projects
In 2023, Cryptopunks maintained its media spotlight with record-breaking sales, including a masterwork sold for $1.1 million. Other NFT projects also made comebacks, demonstrating the enduring appeal and investment potential of these digital treasures. Additionally, there was a rivalry between OpenSea and Blur for dominance in the NFT marketplace.
The SEC’s Case Against NFTs
The SEC brought its first case against NFTs, charging Impact Theory and other projects for selling unregistered securities. However, there were disagreements within the crypto community regarding this classification
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