Bitcoin Outpaces Ethereum in December NFT Sales, Despite Fewer Transactions
Bitcoin Surpasses Ethereum in NFT Sales Again
In December, the Bitcoin network recorded a higher NFT sales volume than Ethereum for the second time in a row. Despite a higher number of transactions on Ethereum, Bitcoin surpassed Ethereum in terms of NFT sales volume.
The Data in Detail
According to data from CryptoSlam, NFT sales on the Bitcoin network in December amounted to a total of 881 million US dollars, compared to 353 million US dollars on Ethereum. Already in November, NFT sales on Ethereum were behind those on the Bitcoin network, marking the first time in history that the latter recorded a higher sales volume than the former.
The increase in NFT activity on the Bitcoin network over the past two months can be attributed to the revived interest in inscriptions and ordinal numbers on the blockchain. Due to the high activity, the Bitcoin network recorded a single-day high of 10 million US dollars on December 16, which were paid as fees for minting inscriptions on the blockchain, according to data from Dune Analytics.
Increased Demand for Blockspace
The activity of inscriptions and ordinal numbers on the Bitcoin network led to an increase in the demand for blockspace. On December 18, the activity around inscriptions accounted for 39% of the virtual blockspace in the network.
Interestingly, despite a lower sales volume than the Bitcoin network, Ethereum recorded a higher number of transactions in December. In total, 698,201 NFT transactions were completed on Ethereum during the 31-day period, while the Bitcoin network only registered 493,516 transactions.
Market Development in the New Year
Four days into the new trading year, the Bitcoin network remains the leader in terms of NFT sales transactions. So far, the chain has recorded a sales volume of 61.08 million US dollars. Ethereum, on the other hand, recorded an NFT sales volume of 27 million US dollars, according to data from CryptoSlam.
Despite the high activity on the Bitcoin network, the overall market has seen a decline in NFT sales activity over the past week. Data from NFTGo showed a decrease in NFT sales volume and market capitalization over the past seven days. Last week, the NFT sales volume on the overall market amounted to a total of 116 million US dollars, representing a decrease of 10%. Similarly, the NFT market capitalization decreased by 3% over the same period.
Sources
– CryptoSlam
– Dune Analytics
– NFTGo
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