Bitcoin Beats Ethereum In NFT Sales Again
In December, the Bitcoin network outpaced Ethereum in terms of non-fungible token (NFT) sales volume, marking the second such occurrence in just two months.
NFT sales on the Bitcoin network totaled $881 million, compared to $353 million on Ethereum. In November, Ethereum’s NFT sales fell behind those recorded on the Bitcoin network by almost 10%, marking the first time in history that the latter would record a higher sales volume than the former.
The surge in NFT activity on the Bitcoin network can be attributed to the resurgence in interest in inscriptions and Ordinals on the blockchain.
By December 16, the Bitcoin network recorded a single-day high of $10 million paid as fees to mint inscriptions on the blockchain. This activity also resulted in an uptick in demand for blockspace, with activity around inscriptions accounting for 39% of the virtual blockspace on the network. Ethereum, on the other hand, recorded a higher transaction count in December, with 698,201 NFT transactions completed on the network.
(With inputs from Shikha Singh)
You need to login in order to Like
