Sales of NFTs on the Bitcoin Network Reach All-Time High
Sales of non-fungible tokens (NFTs) on the Bitcoin network reached a new milestone in December 2023, surpassing $881 million for the first time ever. According to data by CryptoSlam, NFT sales on the Bitcoin chain reached $881,223,753.92 last month, setting the highest single-month sales record to date.
Bitcoin NFTs: A Unique Type of NFT
Bitcoin NFTs, also known as Ordinals, are a new type of NFT that exists on the Bitcoin blockchain. Unlike traditional NFTs associated with Ethereum, Bitcoin NFTs are inscribed directly onto individual satoshis, the smallest unit of a bitcoin. Each bitcoin is divisible into 100 million satoshis, and data is inscribed onto these satoshis to create Bitcoin NFTs. It’s similar to engraving data onto a small fraction of a bitcoin.
Ethereum and Solana Trail Behind
Ethereum, the second-largest blockchain, had NFT sales totaling $364.79 million in December. However, BTC-focused NFT sales outperformed Ethereum’s by a significant margin, being 2.34 times greater. Solana secured the third spot with approximately $325.14 million in NFT sales, experiencing a remarkable 312% increase from the previous month.
Notable NFT Sales of December
In December, notable NFT sales included a digital copy of Vincent Van Gogh’s Self-portrait, 1888 (Van Gogh’s painting #216), which sold for $1.19 million. Another notable sale was the Frxethredemption Ticket #33 on Ethereum, which fetched $638,433. Despite a recent decline in NFT sales, December witnessed a record-breaking $1.7 billion in NFT transactions, with Bitcoin dominating sales across various blockchains.
Hot Take: Bitcoin Sets New Record for NFT Sales
In December 2023, the Bitcoin blockchain broke records with NFT sales surpassing $881 million. This milestone highlights the growing popularity and value of NFTs on the Bitcoin network. With unique BTC-focused NFTs inscribed directly onto satoshis, Bitcoin offers a distinct approach to non-fungible tokens compared to Ethereum and other blockchains. As NFT sales continue to soar, it’s clear that Bitcoin is establishing itself as a major player in the NFT market.