Bitcoin NFTs Reach $881M In December: Digital Gold Rush Or Passing Fad?
Portfolio Pulse from Murtuza Merchant
Bitcoin-based NFTs, known as Ordinals, reached a record $881M in sales in December 2023, a 130% increase from November. The Ordinals protocol allows unique data inscriptions on Bitcoin's blockchain, contributing to the market growth. The number of active buyers and sellers also hit record highs. Solana flipped Ethereum in monthly NFT sales for the first time, with $366M in sales compared to Ethereum's $353M. The performance of Bitcoin NFTs and the broader NFT market's resurgence could indicate a significant shift in the digital asset space.
January 02, 2024 | 7:10 pm
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Ethereum's NFT sales saw growth in December, but it was surpassed by Solana for the first time in monthly sales, which could put pressure on Ethereum's NFT market share and potentially its price.
While Ethereum's NFT sales increased, being surpassed by Solana could signal a competitive shift in the NFT market that may negatively affect investor sentiment towards Ethereum's dominance and its price.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Bitcoin's Ordinals NFTs reached a record $881M in sales, indicating a growing interest and potential new use case for Bitcoin, which could positively impact its price.
The record sales of Bitcoin-based NFTs suggest a new and significant use case for Bitcoin, which could attract more investors and increase demand for BTC, potentially driving up its price in the short term.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Solana surpassed Ethereum in monthly NFT sales for the first time, indicating a growing market presence that could positively influence Solana's price in the short term.
Solana's milestone of surpassing Ethereum in NFT sales reflects its increasing adoption and could boost investor confidence in SOL, potentially leading to a price increase.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80