Bitcoin Dominates NFT Sales with a Remarkable Surge in November
Sales of non-fungible tokens (NFTs) experienced a significant increase in November, with a staggering 129.01% surge compared to the previous month. The total volume of NFT sales reached $944.33 million, nearing the billion-dollar mark. Despite this growth, buyer participation decreased by 20.16%, and there was an 18.90% drop in the number of sellers. Notably, NFTs created on the Bitcoin blockchain surpassed those on Ethereum, with BTC-based sales reaching $382.88 million, exceeding Ethereum’s sales by $20.32 million. Bitcoin saw a remarkable surge of 1,928.65% in NFT sales, while Ethereum’s sales also grew by 57.28%.
Solana and Ethereum Experience Mixed Results
In November, Solana’s NFT sales soared by 190.11% to reach $86.99 million. On the other hand, Polygon witnessed a decrease of 33.90%, totaling $26.78 million in sales, while Mythos experienced a 30.32% drop, with $25.66 million in sales volume. In terms of top collections, BTC led with the “$SATS BRC-20” collection, generating $93.44 million, followed by the “$RATS BRC-20” collection with $45.58 million in sales. The “$RATS BRC-20” collection achieved a massive growth of 4,768,571% compared to the previous month, while Ethereum’s Bored Ape Yacht Club ranked third with sales of $43.36 million, an 88.66% increase. Cryptopunks secured the fourth position with $29 million in transactions, a rise of 169.61%. However, despite Bitcoin’s dominance, the highest-priced NFT sold in November originated from the Ethereum blockchain.
Notable High-Value NFT Sales
In the past two weeks, several notable high-value NFTs were sold. The “Uniswap V3 Positions NFT-V1 #14” fetched $1.66 million, while the “$BTCS BRC-20” NFT sold for $376K. The “Voting Token Lockup #3” from Arbitrum achieved a sale price of $300K. Solana’s “Boogle #057” NFT was acquired for $126K, and Cardano’s “EMURGO x NMKR Cardano Summit” NFT garnered $59K. Despite Bitcoin’s dominance in overall sales, Ethereum still attracted the highest sales value for an individual NFT in November.
Hot Take: Bitcoin Surfaces as the New NFT Leader
November witnessed a remarkable surge in NFT sales, with Bitcoin surpassing Ethereum in terms of sales volume. The rise in Ordinal inscription minting and trading activities on the Bitcoin network played a significant role in this shift. Despite a decline in buyer and seller participation, BTC-based NFT sales experienced an unprecedented surge, solidifying Bitcoin’s position as the new leader in the NFT market. Solana also saw significant growth, while Ethereum maintained its high-value individual NFT sales. As the NFT market continues to evolve, Bitcoin’s dominance is expected to have a lasting impact on the future of the industry.
Benito Cormi, the brilliant crypto analyst who has made waves in the world of cryptocurrency. With his razor-sharp analytical skills and deep understanding of the digital asset landscape, Benito has become a trusted figure in the industry and remains at the forefront, tirelessly researching and analyzing market trends to help individuals and businesses make informed decisions in this dynamic landscape.