Bitcoin NFTs fall 60% after December boom


  • The year 2024 saw a decrease in NFT activity on the Bitcoin network.
  • Due to low activity, there has been a drop in demand for blockspace by Registrations.

The monthly volume of NFT sales on the Bitcoin [BTC] network fell more than 60% in January after December’s record highs, according to data from CryptoSlam watch.

Data from the NFT analytics platform showed that the Bitcoin network surpassed Ethereum [ETH] as the blockchain with the highest NFT sales volume in December 2023.

While the NFT sales volume on the former stood at $881 million, the latter recorded a sales volume of $353 million.

In November of the same year, NFT sales on the Ethereum network were down almost 10% compared to those on the Bitcoin network.

It was the first time in history that the latter recorded a higher monthly sales volume than the former.

However, with a decline in NFT trading activity on the Bitcoin network this month, its sales volume has fallen behind Ethereum.

According to data from CryptoSlam, two days before the end of January, NFT sales transactions worth $314.2 million were made on Bitcoin.

On the other hand, Ethereum recorded a sales volume of $328.4 million over the last 28 days.

Goodbye ordinals?

AMBCrypto reported Earlier, that the increase in NFT activity on the Bitcoin network in November and December 2023 was mainly due to the general increase in interest in listings and ordinals on the blockchain.

This has manifested itself in the high fees paid by users to create listings on the blockchain.

For example, on December 10, 2023, the chain recorded a high daily fee of $10 million as total transaction fees paid to create listings on the network.

However, with the year so far marked by a decline in interest in this digital asset class, there has been a corresponding drop in fees spent daily to create listings.

According to data from a Dune Analytics dashboard from Data alwaysminting fees peaked at $5 million on January 14 and have since fallen 83%.

As of January 28, registration fees were $848,000.

As listing activity collapses on the Bitcoin network, demand for block space for non-traditional transactions has decreased.

AMBCrypto’s review of the Dune Analytics dashboard showed that weekly demand for block space for listings on the blockchain has fallen 33% since the start of the year.

Source

Leave a Comment