Sales of NFTs on Bitcoin Reach Record High in December 2023
Sales of non-fungible tokens (NFTs) on the Bitcoin network reached an impressive $881 million in December 2023, setting a new record for single-month sales, according to the Cryptoslam portal.
Bitcoin Chain Sees Surge in NFT Transactions
In addition to the record-breaking sales, a significant number of buyer addresses participated in NFT transactions on the Bitcoin chain in December, reaching a total of 111,713. The number of merchant addresses also rose to 98,744, marking a new high for monthly merchants.
Bitcoin NFT Sales Outpace Ethereum Sales
While Ethereum recorded total NFT sales of $364.79 million in December, BTC-focused NFTs outperformed ETH sales by 2.34 times during the same period, as reported by Cryptoslam.
Notable NFT Transactions in December
A digital copy of Vincent Van Gogh’s 1888 self-portrait, known as Van Gogh painting #216, secured the title for the most valuable NFT transaction in December, selling for an impressive $1.19 million. Additionally, the Frxethredemption Ticket #33 token was sold on the Ethereum platform for $638,433.
Controversy Surrounding Inscriptions on Bitcoin
In December, Bitcoin Core developer Luke Dashjr expressed concerns about Inscriptions, the basis of the Ordinals protocol, stating that they contribute to spam on the network and predicting their eventual demise. This sparked criticism and questions from the community regarding the appropriateness of censoring the blockchain through such methods. Some users argued that miners would prefer to mine transactions with “inscriptions” due to their economic viability.
Hot Take: NFT Sales on Bitcoin Reach Unprecedented Heights in December 2023
Sales of non-fungible tokens (NFTs) on the Bitcoin network experienced a groundbreaking month in December 2023, setting a new record with $881 million in sales. This surge in NFT transactions highlights the growing popularity and value of digital assets within the crypto ecosystem. While Ethereum also saw significant NFT sales, BTC-focused NFTs outpaced them by more than double during this period. The success of high-value NFT transactions, such as Van Gogh’s self-portrait, further demonstrates the potential for unique digital assets to command substantial prices in the market. However, controversies surrounding Inscriptions on Bitcoin raise important questions about censorship and network spam. As we move forward, it will be crucial to strike a balance between innovation and maintaining a healthy blockchain environment.
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