Bitcoin Takes the Lead in the NFT Market
The NFT market has seen a significant surge in sales, reaching a total of $503.35 million. Bitcoin has emerged as the top player, generating $276.79 million in sales, surpassing Ethereum.
Bitcoin Continues to Outperform Ethereum in NFT Sales
Bitcoin accounted for more than half of the total NFT sales this week, representing 54.98% of the figure. There was a notable increase in market activity, with a 199.44% rise in buyers and a 193.20% surge in sellers of NFTs.
Bitcoin’s performance in NFT sales was strong, experiencing a 122.16% increase compared to the previous week. On the other hand, Ethereum had a modest week-over-week growth of just 0.93% in NFT sales.
Bitcoin and Solana Lead the Way in NFT Sales
Solana also showed a substantial increase in NFT sales, reaching $90.04 million, while Polygon and Immutable X experienced declines in sales. Bitcoin’s growing influence in the NFT sector is evident, with eight of the top ten NFT collections originating from the Bitcoin blockchain.
Expensive NFT Sales and Emerging Trends
The most expensive NFT sale this week came from the Ethereum blockchain, with Fidenza #985 fetching $277K. Bitcoin-based NFTs, including an Ordinal inscription of a Van Gogh painting, have also garnered significant prices. Other notable sales originated from Solana, Avalanche, Cardano, and Polygon.
The trend of inscription-based collectibles has made an impact on the crypto industry, with Bitcoin consistently outperforming Ethereum in NFT sales throughout November and the first two weeks of December.
Hot Take: Bitcoin Takes a Leading Role in NFT Sales
Sales of non-fungible tokens (NFTs) have surged in the past week, with Bitcoin leading the way and outperforming Ethereum. Bitcoin’s dominance in the NFT market is evident, with significant increases in sales and market activity. As Bitcoin-based NFTs continue to make their presence felt, the trend of inscription-based collectibles is shaping the future of the crypto industry.
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