Bitcoin NFT Sales Plunge 60% in January 2024

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Bitcoin NFTs drop after December Boom

In the last 28 days, the sales volume of NFTs on the Bitcoin network has dropped by over 60%. This shows a significant decrease in NFT activity on the Bitcoin network in 2024. Due to the low activity, the demand for blockspace by inscriptions has decreased.

Record highs in December followed by a sharp drop in January

The monthly NFT sales volumes on the Bitcoin network [BTC] have dropped by over 60% in January, according to data from CryptoSlam, after reaching new record highs in December. The data from the NFT analysis platform showed that the Bitcoin network outperformed Ethereum [ETH] as the blockchain with the highest NFT sales volume in December 2023. While the sales volume of NFTs on the Bitcoin network was $881 million, Ethereum recorded a sales volume of $353 million.

Bitcoin loses lead over Ethereum

In November of the same year, NFT sales on the Ethereum network were almost 10% behind those of the Bitcoin network. This was the first time in history that the Bitcoin network recorded a higher monthly sales volume than Ethereum. However, with a decline in NFT trading activity on the Bitcoin network this month, the sales volume has fallen behind Ethereum.

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Decline in inscription activity

The increase in NFT activity on the Bitcoin network in November and December 2023 was mainly driven by the generally increased interest in inscriptions and ordinals on the blockchain. This was reflected in high fees that users paid for minting inscriptions on the blockchain. However, with the decline in interest in this digital asset class this year, there has also been a corresponding decrease in the daily fees spent on minting inscriptions.

Decline in demand for blockspace

With the decline in inscription activity on the Bitcoin network, the demand for blockspace for non-traditional transactions has also decreased. AMBCrypto’s examination of the Dune Analytics dashboard showed that the weekly demand for blockspace for inscriptions on the blockchain has decreased by 33% since the beginning of the year.

Sources: CryptoSlam, Dune Analytics

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