Bitcoin’s NFT Sales Surpass Ethereum in Historic Shift
On Wednesday, November 8, 2023, the Bitcoin blockchain witnessed a historic moment as its non-fungible token (NFT) asset sales exceeded those on the Ethereum platform during a single-day span. According to data from cryptoslam.io, Bitcoin-based NFT transactions amounted to $17.17 million, surpassing the $15.77 million in Ethereum NFT sales recorded within 24 hours.
Rise of Bitcoin NFT Transactions
Bitcoin’s NFT transactions have been on the rise recently, with the platform securing the second spot for NFT sales across a week just three days ago. In a significant milestone, Bitcoin’s unique brand of NFTs, known as Ordinal inscriptions, surpassed Ethereum’s sales over a 24-hour period on Wednesday.
Leonidas, the founder of Ord.io, documented this unprecedented event onchain and highlighted that Bitcoin-based NFTs had outperformed their Ethereum counterparts for the first time in history.
Performance and Growth
After facing a noticeable downturn in activity for over a month, Ordinal inscriptions saw an upturn in performance since October 24. By November 4, the second-largest number of inscriptions was recorded in a single day, totaling 433,471.
When looking at a week’s performance in NFT sales, both Ethereum and Bitcoin experienced an increase. Ethereum netted $79.61 million since November 1, representing a 45.66% rise from the previous week. Meanwhile, Bitcoin’s weekly NFT sales saw a staggering 661.60% increase from the prior week, reaching $55.52 million.
Top Performers and Outlook
On Wednesday, the “$SATS BRC-20 NFTs” collection outperformed the Bored Ape Yacht Club (BAYC) series to claim the top spot in sales. Following closely behind was the “$RATS BRC-20 NFTs,” securing the third spot in sales over the past 24 hours. Despite this surge, it is unlikely that Bitcoin NFTs will overtake Ethereum in total weekly sales as Ethereum is already ahead by $24.09 million.
Hot Take: Bitcoin’s Rise Signals Shifting Trends in NFT Market
The recent surge in Bitcoin-based NFT transactions and sales signifies a shifting trend in the NFT market dynamics. As more collectors and investors turn to Bitcoin for NFT acquisitions, it indicates that alternative platforms are gaining traction and challenging Ethereum’s dominance in the space. This development could lead to increased competition and innovation within the NFT ecosystem as different blockchains vie for market share and user engagement.
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