On Wednesday, November 8, 2023, the Bitcoin blockchain saw sales of non-fungible token (NFT) assets surpass those on the Ethereum platform, marking a historic shift over a one-day period. According to cryptoslam.io’s analytics, Bitcoin-based NFT transactions totaled $17.17 million, eclipsing the $15.77 million in Ethereum NFT sales recorded during the 24-hour period.
Bitcoin’s NFT Sales Eclipse Ethereum in a One-Day Rise
The trend for Bitcoin NFT transactions has been on an upward trajectory lately, and just three days ago Bitcoin.com News highlighted that Bitcoin had secured the second spot for NFT sales for a week. In a major first, Bitcoin’s Ordinal inscriptions, the unique brand of NFTs, exceeded Ethereum’s turnover over a 24-hour period on Wednesday.
Bitcoin and Ethereum 24-hour NFT sales volume according to cryptoslam.io as of November 8, 2023 at 1:15 PM Eastern Time.
NFT expert Leonidas, the founder of Ord.io, documented this unprecedented event onchain, marking the occasion when Bitcoin-based NFTs took an edge over their Ethereum counterparts for the first time in history. Leonidas said:
Breaking – Ordinals just flipped Ethereum NFTs for the first time. So of course I had to enroll it in Bitcoin forever.
Recently, Ordinal inscriptions witnessed a noticeable drop in activity that lasted for over a month. This decline followed a spike in daily mints; then the number of new inscriptions faced continued struggle until October 24. However, the tide has since turned and on November 4 the second largest number of inscriptions was recorded in a single day, at 433,471.
Looking at a week’s performance in NFT sales, Ethereum has seen an increase, with a net profit of $79.61 million since Wednesday, November 1, 2023, which represents a 45.66% increase from the previous week, as reported by cryptoslam.io. By comparison, Bitcoin’s weekly NFT sales also saw an increase, up 661.60% from the previous week, with sales of $55.52 million.
On Wednesday, the ‘$SATS BRC-20 NFTs’ collection outperformed the Bored Ape Yacht Club (BAYC) series and climbed to the top of the sales chart. After BAYC, “$RATS BRC-20 NFTs” took third place in sales over the past 24 hours. The chances of Bitcoin NFTs taking the top spot next week are slim, as Ethereum is already $24.09 million ahead.
What do you think about Bitcoin toppling Ethereum for the first time in terms of daily NFT sales? Share your thoughts and opinions on this topic in the comments below.
