Bitcoin NFTs have been gaining popularity as weekly sales surge, marking a significant increase in activity on the Bitcoin network. Ethereum, which had dominated the NFT sector for some time, was dethroned by Bitcoin in recent months. Bitcoin experienced a 55.42% increase in NFT sales, surpassing Ethereum with a total of $49.74 million in sales. Despite this surge, concerns arose as wash trading also increased, raising questions about the legitimacy of some of the activities in the market. The number of active buyers on Bitcoin saw a sharp decline, with only 2,056 addresses participating.
Meanwhile, Ethereum followed closely behind Bitcoin with $35 million in NFT sales, representing a slight decline of 0.31% from the previous week. The number of active buyers on Ethereum also decreased significantly by 56.33%. Alternative blockchains such as Polygon, Solana, and Immutable X also saw growth in NFT sales, further solidifying their presence in the NFT ecosystem.
Popular collections on the Bitcoin network, such as Quantum Cats, witnessed a significant increase in sales volume and transactions. Despite the high interest in Bitcoin NFTs, the number of active addresses on the Bitcoin network fell, impacting miners’ ability to generate revenue based on network transactions. This waning activity on the network can force miners to sell their holdings to remain profitable, leading to selling pressure on BTC. However, recent interest from whales in BTC can help alleviate some of the selling pressure.
Overall, the surge in Bitcoin NFT sales and the decline in network activity highlight the evolving landscape of the NFT market and the challenges faced by miners in generating revenue. As interest in Bitcoin NFTs continues to grow, it will be interesting to see how the market evolves and adapts to these changes.
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