Ethereum Outpaces Bitcoin In NFT Sales - Is The Bitcoin NFT Season About To End?

Ethereum Outpaces Bitcoin In NFT Sales – Is The Bitcoin NFT Season About To End?

Updated: 17 January 2024

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Ethereum, the largest blockchain for non-fungible tokens, has surged in trading sales in recent weeks, breaking the resistance level to become the top most-traded blockchain network for NFTs. Ethereum has reclaimed its NFT market dominance from its competitors, Bitcoin and Solana.

Ethereum Reclaims Its Initial NFT Market Dominance

Data compiled by cryptoslam.io, an on-chain data aggregator, indicates that Ethereum’s NFT sales volume has surged in recent days. In the past 24 hours, Ethereum has amassed an NFT trading sales volume of $16 million, representing a 22% spike from the previous day.

During this period, non-fungible token collections hosted on Bitcoin, the blockchain network that powers the flagship crypto Bitcoin, have been the second most traded NFT collections, amassing a trading sales volume of $9.7 million. Bitcoin is down 25% in NFT trading sales volume.

Non-fungible token collections hosted on Solana, the decentralized blockchain net that utilizes proof of stake consensus mechanism, are the third most traded NFT collection right now. In the past 24 hours, Solana-based NFT collections have recorded a trading sales volume of $5.6 million.

Nonetheless, Solana-based NFT collection is up 7% in trading sales volume. In related analytics, Polygon-based NFT collection has also plunged in trading sales volume. In the past 24 hours, Polygon NFTs have recorded a trading sales volume of $3.3 million, ranking fourth in NFT sales.

Is The Bitcoin NFT Season About To End?

Bitcoin took over the NFT market dominance in November, following the resurgence of BRC-20 NFTs and Bitcoin Ordinals. Launched earlier last year, Bitcoin oridinals are non-fungible token collections created on Bitcoin using Satoshi ordinals theory, while BRC-20s are NFTs similar to ERC-20 NFTs.

Bitcoin has experienced three months of a bullish market rally, which left billions of dollars traded in the NFT ecosystem. Unfortunately, the Bitcoin NFT hype now appears to be cooling in recent days. In the past 24 hours, the Bitcoin Ordinals ranks third behind the Ethereum-based MintID and Pudgy Penguins NFT collection.

On the other hand, Bitcoin BRC-20 NFT collections also appear to have lost their initial hype. The first BRC-20 NFT ($LIGO) ranks eighth, amassing just $1.1 million. In the past 24 hours, the NFT collection has been down 17% in trading sales volume. However, Bitcoin NFTs are expected to continue flourishing alongside the general NFT market, which is predicted to retest Bull Run.