NFT Trading Volume Hits Record $516M in One Week

Share on Facebook Share on Twitter

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.

alert-circle
You can also find us on Telegram: Click here to follow our Telegram channel.

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.

Share on Facebook Share on Twitter

The 3 best cryptocasinos

Up to 1 BTC + 100 Free Spins
First Deposit Bonus
9.9
/ 10
Very good
Play now

T&Cs Apply, 18+

Bets.io review
Cryptocurrencies (12)
  • Bitcoin Logo
  • Ethereum Logo
  • Litecoin Casino
  • usd-coin-logo
Bets.io review

Bonus information

Bonus code: BETSFTD
Wagering requirements: 40x the bonus amount
40x the winnings from free spins
Minimum deposit: 20 USDT or equivalent
Bonus validity: 14 days
  • Maximum bet per round while wagering: 2 USDT – 0.000066 BTC , 0.01 BCH, 0.0011 ETH, 0.02 LTC, 40 DOGE, 2.8 XRP, 25 TRX, 6.6 ADA, 0.008 BNB, 2 BUSD, 2 DAI, 2 EUR – 2 USD.
  • Bonus must be used within 30 days of registration.
Why we like this casino

Bets.io is an impressive crypto casino that boasts a variety of games and renowned software providers. The website is easy to use and offers a wide selection of games, which makes the gaming experience particularly enjoyable. Furthermore, the customer service is available 24/7. They are highly competent, ensuring a reliable and trustworthy service.

Last update by Isabella Brown (iGaming expert for > 10 years) on 19. February 2024
Curaçao
Licence
100% up to 1 BTC
Welcome Bonus
9.9
/ 10
Very good
Play now

T&Cs Apply, 18+

Metaspins review
Cryptocurrencies (9)
  • Bitcoin Logo
  • Ethereum Logo
  • Litecoin Casino
  • usd-coin-logo
Metaspins review

Bonus information

Wagering requirements: 25x deposit & bonus
Minimum deposit: 0,1 mBTC
Bonus validity period: 7 days
  • Bonus & deposit must be wagered 25x
  • Max amounts: 1 BTC/10 ETH/10,000 USDT/10,000 USDC/100 BCH/200,000 TRX/35,000 ADA/150 LTC/125,000 DOGE
  • 7 days to wager
  • Minimum deposit: 0.1 mBTC
  • Slots 100%, game shows 50%, other 0%
Why we like this casino

Metaspins is still a very young crypto casino, but it can already convince with a very modern website, a good selection of games and, above all, an excellent bonus.

Isabella Brown
Last update: 19. February 2024
100% up to 1 BTC + 100 Free Spins
Welcome bonus
9.9
/ 10
Very good
Play now

T&Cs Apply, 18+

Empire.io review
Cryptocurrencies (9)
  • Bitcoin Logo
  • Ethereum Logo
  • Litecoin Casino
Empire.io review

Bonus information

Bonus Code KC100
Wagering requirements Bonus must be wagered 40x
Winnings from free spins must be wagered 40x
Minimum deposit 30 USDT or equivalent
Maximum bet €5 per round
Bonus currency Only with BTC and USDT deposit
  • The free spins are given on Sweet Bonanza.
  • VERY IMPORTANT: The bonus is only available when depositing with these methods: BTC & USDT.
  • To take advantage of the offer, change your wallet to mBTC (μBTC) or USDT and activate the bonus by clicking on “Redeem Bonus” and entering the bonus code.
  • Only the first deposit counts for the bonus.
Why we like this casino

We absolutely recommend Empire.io since it has one of the best crypto teams we know behind it. On top of that, it offers an extensive selection of slots and live games. The bonus is also exceptional with good conditions.

Last update by Isabella Brown (Nerd of Numbers) on 23. February 2024
Curaçao
Licence

Latest News

Paula Winkler

Created by

After over 6 years in print journalism, I stumbled into the iGaming niche in 2017. One thing became evident to me quickly: Online Casino Reviews need more transparency! I joined the Kryptocasinos.com Team in 2023 and are the main expert for all topics related to „Player Security“.
In my private life, I am an active member of the volunteer fire department and enjoy the outdoors with my dog Ruby.
Reviewed by
Nerd of Numbers

Last update: 19. February 2024

🍪
We use cookies. By using this site, you accept them.