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The NFT space has been having a rough time, with total sales falling once again this week. NFT sales fell by 8%, totaling $109.2 million, CryptoSlam reports. While the downward trend continues, one fascinating trend stands out—Bitcoin NFTs are increasing. Bitcoin NFT sales increased by close to 5%, totaling $22.8 million for the week.
Ethereum Remains Dominant, But Bitcoin Is Picking Up Steam
Ethereum has been the leading blockchain for NFTs for a long time, and that remains the case. Last week, Ethereum NFTs represented $32.7 million in sales, cementing its position as the leader in the market.
But Bitcoin NFTs are firmly making inroads. Contrary to previous years when Ethereum-based platforms such as OpenSea dominated the market, Bitcoin is now making a name for itself in digital collectibles. The Ordinals protocol has been a key factor in this, enabling users to engrave NFTs onto Bitcoin’s blockchain.
The other welcome sign is the rise in market participants. NFT purchasers increased seven times over, while sellers increased fourfold.
High-Value NFT Sales Persist
Collectors continue to spend big on scarce digital collectibles despite the downtrend in the market. The highest NFT purchases of the week are:
Beeple Special Edition #100020001 – Sold for 464,480 USDC
Beeple Special Edition #100020001 – Sold for 441,000 USDC
What’s Coming Next for Bitcoin NFTs?
As Bitcoin NFTs pick up pace even during a down market, it is interesting to observe where they are headed. Could they transform the NFT universe? Only time will tell.
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