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When NFTs first emerged, there was a significant Ethereum wave in the market. Subsequently, NFTs integrated into other networks, causing periodic changes in market leadership. At one point, Solana NFTs took the lead, but it didn’t last long, and Ethereum (ETH) solidified its position as the undisputed leader in the NFT sector. However, things changed over the past few months. Bitcoin (BTC) surpassed Ethereum and became the new leader.
Are Bitcoin NFTs Making a Comeback?
Bitcoin is experiencing notable growth in the NFT sector. Following a recent 55.42% increase, it took the lead from Ethereum and raised its total sales amount to $49.74 million. However, this increase also brought a warning. The wash trading side, known for artificially inflating volumes, saw a 15.39% rise, reaching $39,000.
The situation raises questions about the validity of some of these trades. On the other hand, despite the rise in wash trading, the number of active buyers on Bitcoin dropped by 96%, with only 2,056 addresses conducting transactions.
Ethereum, the former market leader, continued to follow Bitcoin with $35 million in NFT sales. This situation showed a slight decline of 0.31% compared to the previous week. On the other hand, despite having more active users than Bitcoin, Ethereum saw a 56.33% decrease in active users compared to the previous week.
Additionally, developments occurred outside of Bitcoin and Ethereum. Polygon, their closest follower, saw a 29.43% increase in sales, reaching a value of $19.63 million. During this period, Solana, which once dominated the market, also experienced growth, reaching a value of $18.225 million.
Bitcoin Network Activity
Despite the increasing volume and interest in Bitcoin NFTs, there was a noticeable decline in the number of active addresses on the Bitcoin network. According to data provided by Santiment, the number of active addresses conducting transactions on the Bitcoin network dropped from 1.17 million to 613,000 in the last 30 days.
The decrease in transactions on the network negatively impacts miners and harms their revenues. Consequently, Bitcoin miners may need to sell their assets to maintain profitability, which could cause movement in BTC prices.
