There has been a change, in the world of fungible tokens (NFTs) with Bitcoin emerging as the leader surpassing 24 other blockchain platforms in terms of sales over the last month. Despite a market decline of 38% NFTs based on Bitcoin have accounted for over 44% of sales showing a significant lead over others.
During this period different blockchains have experienced performances in the NFT marketplace. Data from cryptoslam.io reveals that while the general NFT market has seen a downturn those created on Bitcoins blockchain have gained popularity and value. Among the five collections with sales four are from Bitcoins blockchain highlighting its growing influence in digital assets.
In terms Bitcoin based NFTs have raked in a $3.43 billion in total sales positioning Bitcoin as the fourth highest selling blockchain after Ethereum, Solana and Ronin. The gap, between Bitcoin and Ronin is narrowing quickly with $457.62 million recorded in NFT sales from March 27 to April 27 2024. It’s worth noting that only a small fraction of this amount ($716,035) could potentially be associated with wash trading activities indicating demand and market dynamics around Bitcoin NFTs.
During the time frame Ethereum, a established player, in the NFT realm clinched the second position with sales totaling $262.37 million closely followed by Solana with $165.14 million in sales. This showcases the evolving landscape of NFT markets as Bitcoin emerges as a contender challenging the dominance of leaders.
The priced individual NFT sale was observed on the Ethereum blockchain with Cryptopunk #635 fetching a sum of $12.41 million. In contrast the top sale on the Bitcoin blockchain was Bitcoin Ape #2,301, which fetched $459,436. Notably this NFT represents a reproduction transferred from the original Bored Ape Yacht Club (BAYC) series to the Bitcoin blockchain using Ordinals technology.
Delving deeper into market dynamics transactions following Bitcoin Ape #2,301 included eight sales ranging from $254,062 to $354,801 within the Bitcoin Puppets collection. These numbers underscore the increasing significance of the Bitcoin blockchain as a point for high value NFT trades.
Over the month there have been sales across various collections, on the Bitcoin blockchain as well.In this sector sales, from ordinals took the lead with $152 million, followed by Bitcoin Puppets at $71.84 million and WZRD collectibles and Nodemonkes compilation with $34.81 million and $34 million respectively. The ranking seller, Mythos’ Dmarket NFT collection also displayed a performance with sales reaching $28.6 million.
This information, indicative of a market trend highlights the increasing influence of Bitcoin in the NFT market showcasing its sustainability and growing popularity among asset enthusiasts and investors alike. The impressive sales numbers, from Bitcoin powered NFTs not demonstrate a rising market interest. Also indicate the changing landscape of digital collectibles where Bitcoin is swiftly establishing itself as a key player.