Bitcoin Dominates NFT Market with Record-Breaking Weekly Sales
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In a spectacular surge, the non-fungible token (NFT) market has notched up a staggering $503.3 million in sales this week, with Bitcoin-based NFTs claiming the lion’s share at $276.8 million, constituting about 55% of the total transactions, reports cryptoslam.io.
The Bitcoin blockchain, exhibiting a robust performance, recorded a remarkable 122% increase in non-fungible token sales compared to the previous week. In a noteworthy trend, eight of the top ten NFT collections by weekly sales were exclusively from the Bitcoin blockchain, underscoring its growing influence in the sector.
Ethereum, the second-largest non-fungible token platform, witnessed a modest 0.93% uptick in weekly sales, totaling almost $100 million. Solana, securing its position as the third-largest platform, experienced a substantial growth of 56.58%, amassing $90.04 million. However, Polygon and Immutable X faced declines of 7.3% and 3.8%, respectively.
The Top-performing NFT This Week
According to news.Bitcoin, this week’s spotlight shines on Fidenza #985, an abstract art piece on the Ethereum blockchain, claiming the title of the most expensive NFT sold, fetching an impressive $277K. Following closely is an Ordinal inscription of a Van Gogh painting, a Bitcoin-based NFT, which changed hands for $263K.
Notable NFT sales also emerged from platforms like Solana, Avalanche, Cardano, and Polygon, each distinguished by their ability to offer lower fees and faster transactions than Ethereum. A burgeoning trend in the non-fungible token market is the rise of inscription-based collectibles, leveraging Bitcoin’s technology to craft unique digital artworks.
In 2023, the NFT market will have exhibited remarkable diversity and dynamism, with Bitcoin leading the charge in both sales and innovation. With an expectation of continued growth, the sector is poised to expand as more platforms, artists, and collectors enthusiastically participate in the NFT revolution.
