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Bitcoin (BTC) network outperformed Ethereum (ETH) as the blockchain with the highest non-fungible token (NFT) sales volume in December, marking the second such occurrence within two months. According to CryptoSlam’s data, NFT sales on the Bitcoin network reached $881 million compared to Ethereum’s $353 million in December.
Bitcoin’s Critical Metric
In November, NFT sales on Ethereum lagged nearly 10% behind those recorded on the Bitcoin network. This situation indicates for the first time that Bitcoin registered a higher sales volume than before. The increase in NFT activity on the Bitcoin network over the last two months can be attributed to the resurgence of interest in blockchain Ordinals.
Due to high activity, as of December 16, the Bitcoin network recorded the highest single-day level of fees paid to produce options on the blockchain at $10 million, according to Dune Analytics. Furthermore, the activity of Options and Ordinals on the Bitcoin network has led to increased demand for block space. As of December 18, it was found that options-related activities constituted 39% of the network’s virtual block space.
Surge in Bitcoin NFTs
While Ethereum witnessed a lower sales volume compared to the Bitcoin network, it recorded a higher number of transactions in December. It was determined that the total number of NFT transactions completed on Ethereum during the 31-day period was 698,201. On the other hand, the Bitcoin network only recorded 493,516 transactions. With four days left to the new trading year, the Bitcoin network continues to lead in NFT sales transactions. The chain has so far recorded a sales volume of $61.08 million this year. However, according to CryptoSlam data, Ethereum saw an NFT sales volume of $27 million.
Despite the high activity on the Bitcoin network, the overall market experienced a pullback in NFT sales activity last week. Data obtained from NFTGo showed a decrease in NFT sales volume and market value over the past seven days. Information from the data provider indicated that the overall market NFT sales volume fell by 10% last week, reaching $116 million.
