Giovanni Russo December witnessed a significant boost in non-fungible token (NFT) transactions, following the upward trajectory initiated in November. The first week of December saw a remarkable 57% increase in NFT sales compared to the preceding week.
Bitcoin Takes Center Stage as NFT Market Flourishes in Early December
The total value of NFT sales for the past week reached around $316 million. However, this surge in sales was accompanied by a substantial decline in the number of buyers and sellers, which fell by 90.09% and 88.31% respectively, as reported by cryptoslam.io for the seven-day period.
NFT Sales Overview for the First Week of December
Bitcoin-related NFTs continued their dominance in sales from November into the early part of December. Starting from December 1, 2023, Bitcoin-centric NFTs recorded sales of $121.34 million over the week, surpassing Ethereum-based NFTs, which accumulated sales of $100.83 million.
Analysis of Top Blockchains and Collections in NFT Sales Over the Last Seven Days, Based on cryptoslam.io Data
There was a 171.80% increase in sales of Bitcoin-based NFTs, whereas Ethereum NFT sales saw a modest rise of 6.66%. Other significant platforms in terms of NFT sales included Solana ($47M), Arbitrum ($14.4M), Polygon ($13.7M), and Immutable X ($5.93M).
Examining specific NFT collections, Bitcoin’s “$SATS BRC-20” NFTs led the way with $21.88 million in sales, a 135% increase from the last week. “Sentry Node License” by Arbitrum followed closely with sales of $12.33 million.
Top Five NFT Sales Since December 1, 2023, As Per cryptoslam.io
The “Uncategorized Ordinals” collection from Bitcoin also made a significant impact, accumulating $8.69 million in sales and rounding up the top three collections of the week. Notably, Bitcoin was the origin for four out of the top ten collections, while Ethereum accounted for only two.
The week’s standout sale featured a Vincent Van Gogh painting embedded within the Bitcoin blockchain, which was sold for $1.19 million six days ago. Additionally, an ancient inscription minted on January 15, 2023, on the Bitcoin blockchain, was traded for 10.4 BTC, equivalent to about $463,000 at the time of sale.
On the Ethereum front, Fidenze #587 sold for $463K two days ago. In other noteworthy sales, a Solana Boogle NFT fetched $149K in the last 24 hours, while a Polygon Tribul #2 was bought for $60K.
After a phase of significant value decline, with many NFTs plummeting over 90% since the crypto winter, the NFT market is witnessing a revival. This resurgence has altered the landscape for prominent NFT collections, with Bored Ape Yacht Club and Cryptopunks now ranking sixth and nineteenth, respectively.
What are your views on the latest trends in NFT sales? We welcome your insights and perspectives on this topic in the comments section below.
Table Of Contents
Frequently Asked Questions (FAQs) about NFT Market Trends
What caused the surge in NFT sales in December?
The surge in NFT sales in December can be attributed to the continued dominance of Bitcoin-related NFTs and the overall recovery of the cryptocurrency market. Sales were particularly driven by high-value transactions in specific NFT collections.
How did Bitcoin NFTs perform compared to Ethereum NFTs in early December?
In the first week of December, Bitcoin NFTs outperformed Ethereum NFTs in sales volume. Bitcoin-related NFTs garnered $121.34 million in sales, while Ethereum-based NFTs saw sales of $100.83 million.
Which NFT collections topped the sales chart in early December?
The “$SATS BRC-20” NFTs from Bitcoin led the sales chart with $21.88 million, followed by Arbitrum’s “Sentry Node License” at $12.33 million. “Uncategorized Ordinals” from Bitcoin also made significant sales, securing the third spot.
What were the notable NFT sales in the first week of December?
The most notable NFT sale was a Vincent Van Gogh painting embedded in the Bitcoin blockchain, which sold for $1.19 million. On the Ethereum side, Fidenze #587 fetched $463K, and a Solana Boogle NFT was purchased for $149K.
How has the NFT market trend changed since the onset of the crypto winter?
The NFT market is experiencing a resurgence after a period of significant value decline. Notably, top NFT collections like Bored Ape Yacht Club and Cryptopunks have seen shifts in their rankings, now standing at sixth and nineteenth, respectively.
More about NFT Market Trends
- NFT Market Overview in December
- Bitcoin and Ethereum NFT Performance Comparison
- Top NFT Collections in Early December
- Significant NFT Sales in December
- Trends and Shifts in NFT Market Post-Crypto Winter
5 comments
Decent analysis, but i’m more interested in how the lower-tier nfts are doing, not just the big players.
interesting article, but seems like the data could be more detailed? what’s the source?
nft market is just a bubble, wait for it to pop… it’s all speculative, nothing concrete
Van Gogh on Bitcoin blockchain, now that’s something! wonder how the art world is reacting
wow, Bitcoin really taking the lead here, didn’t expect that with all the Ethereum hype lately