Miguel Lopez In a notable turn of events on Wednesday, November 8, 2023, the Bitcoin network recorded a higher volume of non-fungible token (NFT) sales than the Ethereum network, signifying a pivotal change in a 24-hour comparison. Data from cryptoslam.io shows that NFT sales on the Bitcoin blockchain reached $17.17 million, outperforming Ethereum’s NFT sales of $15.77 million within the same timeframe.
Bitcoin Outshines Ethereum in a Day of NFT Sales Dominance
Recently, Bitcoin has shown a positive trend in the realm of NFT transactions, and it was just three days prior that CryptokenTop.com News reported Bitcoin as having attained the second position in weekly NFT sales. For the first time, on that Wednesday, Bitcoin’s NFTs, specifically the Ordinal inscriptions, surged past Ethereum’s sales figures in a 24-hour comparison.
The NFT sales volumes for Bitcoin and Ethereum as of 1:15 p.m. Eastern Time on November 8, 2023, were documented by cryptoslam.io.
An NFT enthusiast known as Leonidas, who is also the founder of Ord.io, chronicled this milestone event on the blockchain. He inscribed the moment when Bitcoin’s NFTs overtook Ethereum’s in sales, solidifying the record on the Bitcoin blockchain. Leonidas remarked on the occurrence:
“Breaking – Ordinals have surpassed Ethereum NFTs in sales for the first time, and I’ve made sure to commemorate this by inscribing it on the Bitcoin blockchain.”
The activity of Ordinal inscriptions had seen a slump that lasted several weeks, following a surge in daily minted inscriptions. This period of reduced activity persisted until October 24. Nevertheless, the scenario shifted by November 4, with a significant uptick in inscriptions, totaling 433,471 in one day.
When examining the week-on-week performance of NFT sales, Ethereum reported a boost, with a total of $79.61 million since November 1, 2023, marking a 45.66% increase from the week prior, according to cryptoslam.io. Bitcoin, however, also experienced a dramatic weekly rise in NFT sales, with a 661.60% increase from the previous week, bringing in sales of $55.52 million.
On this particular Wednesday, the “SATS BRC-20 NFTs” collection soared to the forefront, surpassing the widely known Bored Ape Yacht Club (BAYC) series in the sales ranking. The “RATS BRC-20 NFTs” followed closely, claiming the third position in the 24-hour sales race. Although Bitcoin’s NFT sales have been robust, the likelihood of it securing the top weekly sales slot remains uncertain as Ethereum maintains a lead of $24.09 million.
This development raises the question of how the dynamics between Bitcoin and Ethereum will unfold, particularly in the NFT marketplace. Your insights and viewpoints on this shift are valuable; please contribute your perspective on this matter in the comment section below.
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Frequently Asked Questions (FAQs) about Bitcoin NFT sales surge
What is the significance of Bitcoin surpassing Ethereum in daily NFT sales?
On November 8, 2023, Bitcoin’s daily NFT sales exceeded those of Ethereum for the first time, indicating a significant shift in the NFT market. This event marked Bitcoin’s growing influence in the realm of NFTs, with sales reaching $17.17 million over Ethereum’s $15.77 million, highlighting a surge in Bitcoin-based NFT transactions.
How did Bitcoin NFT sales compare to Ethereum’s over the past week?
While Bitcoin’s NFT sales on November 8 outpaced Ethereum’s, the weekly data shows Ethereum still in the lead. Ethereum’s NFT sales amounted to $79.61 million since November 1, a 45.66% increase from the previous week, whereas Bitcoin’s weekly sales saw a 661.60% jump to $55.52 million.
Who documented the historic sales flip of Bitcoin NFTs over Ethereum’s?
Leonidas, the founder of Ord.io and an NFT aficionado, documented the historic sales flip on the blockchain, inscribing this momentous occasion when Bitcoin-based NFTs outsold those on Ethereum for the first time.
What are Ordinal inscriptions in the context of Bitcoin NFTs?
Ordinal inscriptions are a unique form of NFTs on the Bitcoin blockchain. They experienced a remarkable upturn on November 4, with a record high number of inscriptions in a single day. This resurgence followed a period of decline, demonstrating the volatility and rapid shifts in the NFT market.
Which Bitcoin NFT collection surpassed the Bored Ape Yacht Club series in sales?
The “$SATS BRC-20 NFTs” collection outdid the Bored Ape Yacht Club series in sales on November 8, climbing to the top of the sales chart and marking a notable shift in consumer interest within the NFT space.
More about Bitcoin NFT sales surge
- Bitcoin NFT Sales Outshine Ethereum
- NFT Market Trends and Analytics
- Leonidas Records Historic NFT Sales Event
- Ordinal Inscriptions Surge
- Weekly NFT Sales Analysis
5 comments
just when you think you got the crypto market figured out… boom, Bitcoin flips Ethereum in NFT sales? wild stuff
wow just read about the Bitcoin NFTs thats insane, didnt think they’d actually overtake Eth… markets crazy right now!
this is huge for bitcoin ordinals people said they were just a fad… guess not? congrats to leonidas and the team at Ord.io!
anyone else noticing how NFTs are just blowing up on bitcoin? Ethereum’s been top dog for so long, interesting times
gotta say im impressed with Bitcoin’s move in NFTs but let’s see if they can keep this up long term, ethereum’s not gonna just sit back