- NFT sales volume on the Bitcoin network surpassed Ethereum in December.
- This happened despite Ethereum recording a higher number of transactions.
The Bitcoin [BTC] Network surpassed Ethereum [ETH] as the blockchain with the highest non-fungible token (NFT) sales volume in December, which is the second time in just two months.
According to data from CryptoSlamIn December, NFT sales on the Bitcoin network reached $881 million, compared to Ethereum’s $353 million.
In November, NFT sales on Ethereum fell nearly 10% behind those of the Bitcoin network, marking the first time in history that the latter would record a higher sales volume than the former.
The surge in NFT activity recorded on the Bitcoin network over the past two months can be attributed to the revival of interest in inscriptions and ordinal numbers on the blockchain.
Due to the high activity, the Bitcoin network recorded a record $10 million in one day on December 16, paid as fees for minting inscriptions on the blockchain, according to data from Dune. Analysis.
Source: Dune Analytics
Also, the activity of Inscriptions and Ordinals on the Bitcoin network resulted in an increase in demand for blockspace. As of December 18, AMBCrypto found that inscription activity represented 39% of the virtual block space on the network.
Source: Dune Analytics
Interestingly, although Ethereum witnessed a smaller sales volume than the Bitcoin network, it recorded a higher number of transactions in December. AMBCrypto found that the total number of NFT transactions completed on Ethereum during the 31-day period totaled 698,201.
On the other hand, the Bitcoin network recorded only 493,516 transactions.
The market so far this month
Four days into the new trading year, the Bitcoin network continues to lead the pack in NFT sales transactions. So far this year, the chain has recorded sales volume of $61.08 million.
However, according to data from CryptoSlam, Ethereum has seen an NFT sales volume of $27 million.
Despite high activity on the Bitcoin network, the general market has witnessed a dip in NFT sales activity over the past week. Dates of NFTGo showed a decline in NFT sales volume and market capitalization over the past seven days.
Source: NFTGo
Information from the data provider showed that NFT sales volume in the general market totaled $116 million last week, down 10%.
Similarly, the NFT market capitalization had fallen by 3% over the same period.
