NFT Trading Volume Hits Record $516M in One Week
Explosion of NFT Trading Volume in December
The trading volume of Non-Fungible Tokens (NFTs) has risen to an annual high in December. Between December 10th and 17th, the trading volume of NFTs across leading chains reached a record-breaking value of $516 million USD, as data from The Block’s NFT dashboard shows. This increase comes at an otherwise rather quiet time for NFTs, as the trading volume has been stagnant for most of the year.
Significant Increase Since October
Since October, a clear increase in NFT trading volume has been recorded. The monthly sales volume of NFTs increased by a remarkable 198% to $918 million USD between October and November. The last time the monthly sales volume of NFTs reached such heights was in March, when the market recorded a total sales value of $931 million USD.
Bitcoin Leads, Ethereum Follows
Due to the recent boom around inscriptions and BRC-20 tokens in the Bitcoin network, Bitcoin has surpassed Ethereum in terms of NFT sales volume in the last month. Between December 10th and 17th, the Bitcoin network accounted for $305.44 million USD of the total NFT sales volume of $516 million USD during this period. In contrast, sales in the Ethereum network have only increased by 9% to a total of $382 million USD during the same period.
High Activity Around Inscriptions
In the past week, there has been a general increase in activity around inscriptions in several blockchain networks. This has led to rising network transaction fees due to the increase in network usage. On December 16th, the Bitcoin network recorded a single-day high of $10 million USD paid as fees for minting inscriptions on the blockchain.
Conclusion
Recent developments show that interest in NFTs continues to exist despite general market bearishness and low interest in digital collectibles. With increasing acceptance and understanding of NFTs, the trading volume could continue to rise in the coming months.
Sources: The Block, CryptoSlam, Dune Analytics.
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