In just four months, starting from February 7, 2023, non-fungible token (NFT) sales on the Bitcoin blockchain have soared to $463.68 million. This growth has propelled the network to secure the second-highest number of monthly NFT sales consistently since then. However, despite this impressive ascent within the past four months, Bitcoin’s overall NFT sales figures still trail behind those of seven other blockchain networks.
Bitcoin Blockchain Gains Momentum in NFT Sales, Ranks Eighth Among Leading Networks
Ethereum has long reigned as the dominant force in NFT sales and continues to hold that title. Nevertheless, Bitcoin has been making impressive strides in climbing the ranks among nearly two dozen blockchain networks when it comes to NFT transactions.
According to data recorded by cryptoslam.io, out of the 22 blockchain networks that have documented NFT sales, Bitcoin currently stands as the eighth largest. It’s worth noting that NFT sales data for BTC started on February 7, precisely 148 days ago, whereas many other blockchains have been recording NFT sales for a considerably longer period of time.
Outpacing Bitcoin in terms of total sales volume are several prominent chains, namely Ethereum, Ronin, Solana, Flow, Polygon, Cardano, and Wax. The sales generated from the Wax blockchain alone surpass Bitcoin’s overall figures by $25.59 million.
Around 119 days ago, roughly on March 8, Bitcoin’s sales gained significant momentum. While Bitcoin-based NFTs do not currently claim any positions in the top ten most expensive NFT sales, an NFT rooted in BTC secures the 11th spot, having fetched $4.7 million three months ago.
Furthermore, the BTC-based Space Pepe #8,253 claimed the 12th position, achieving a notable sale of $4.56 million just two months ago. Bitcoin NFTs also command the 13th and 14th position in terms of the top NFT collectible sales of all time.
BTC Artifacts TNT #20,817 commanded a $4.48 million price tag three months ago, while an Uncategorized Ordinal fetched $4.45 million just two months prior. Additionally, another Uncategorized Ordinal secures the 20th spot among the most valuable NFTs of all time, having been sold three months ago for $3.83 million.
Notably, while the other digital collectibles from alternative blockchains in the top 20 highest-valued sales were sold anywhere between a year to two years ago, the BTC NFT sales that amassed millions in value occurred more recently. When it comes to collections, BTC finds itself in a lower position, with the Uncategorized Ordinals collection ranking 27th in all-time statistics.
Ronin takes the lead, securing the first spot, while Flow claims a respectable fifth position. The remaining 24 collections, positioned below 27th place, are all Ethereum-based NFT collections. Although Bitcoin blockchain sales have garnered attention in recent times, with a total of $463.68 million in all-time sales, the Bitcoin figure pales in comparison to Ethereum’s staggering $43.68 billion in all-time sales, as well as Ronin’s $4.2 billion and Solana’s $4 billion in NFT sales.
What are your thoughts on Bitcoin’s rapid growth in NFT transactions? Do you believe it has the potential to catch up to Ethereum and other leading blockchains? Share your thoughts and opinions about this subject in the comments section below.
