Despite a recent drop in Bitcoin’s price to as low as $65,000, after hovering around its all-time high for most of the week, the cryptocurrency’s non-fungible token (NFT) market has captured significant attention. On Friday, Bitcoin’s NFT sales volume experienced a notable surge, positioning it as the leading blockchain for NFTs over the last 24 hours.
A Remarkable Sales Increase
Bitcoin’s NFT market saw an impressive sales volume of over $22.2 million as of 1:40 p.m. ET, marking a 76.04% increase from the previous day’s sales of $12.6 million. This surge underscores the growing interest and activity in Bitcoin-based NFTs. Additionally, the number of NFT transactions on the Bitcoin blockchain rose by 19%, from 5,744 to 6,835 transactions, further highlighting the heightened activity.
Competition Among Blockchains
While Bitcoin took the lead in the NFT space, Ethereum and Solana followed as the second and third top blockchains, respectively. Ethereum’s NFT sales over the same period were over $14.8 million, experiencing a decrease of 15.72% from Thursday. Solana, on the other hand, saw sales of $8.7 million, a slight drop of 4.22%.
Polygon, known for scaling Ethereum, also demonstrated significant progress in the NFT market. Ranking fourth, Polygon witnessed a 65.32% increase in sales, from $1.17 million to $1.94 million. However, it saw a minor reduction in transaction numbers, decreasing by 2.2% from 53,247 to 52,076 transactions.
Bitcoin’s Growing NFT Market
Friday’s sales performance has contributed to Bitcoin’s NFT all-time sales volume reaching $2.8 billion, placing it fourth among all blockchains. This growth in the NFT market contrasts with the recent volatility in Bitcoin’s price, showcasing the expanding interest and investment in NFTs within the cryptocurrency space. As the NFT market continues to evolve, Bitcoin’s increasing dominance highlights its potential beyond just a digital currency, extending into the burgeoning world of digital assets and collectibles.
