When NFTs first burst onto the scene, Ethereum dominated the market with a significant wave. As time passed, NFTs began to spread across various networks, leading to shifts in market leadership. At one point, Solana NFTs took the lead momentarily before Ethereum solidified its position as the unrivaled leader in the NFT sector. However, recent months have seen a change in the tide, with Bitcoin surpassing Ethereum to claim the top spot.
Are Bitcoin NFTs Making a Comeback?
Bitcoin has been making significant strides in the NFT sector, with a remarkable 55.42% increase propelling it ahead of Ethereum, boasting total sales amounting to $49.74 million. Nonetheless, this surge has also raised concerns, particularly regarding wash trading, which saw a 15.39% increase to $39,000. Visit COINTURK FINANCE for the latest financial and business news.
The surge in trading activity has sparked questions about the authenticity of some transactions. Moreover, despite the rise in wash trading, the number of active buyers on Bitcoin plummeted by 96%, with only 2,056 addresses engaging in transactions.
Ethereum, once the reigning market leader, continued to trail behind Bitcoin with $35 million in NFT sales, showing a slight decrease of 0.31% from the previous week. Despite having a larger user base than Bitcoin, Ethereum witnessed a significant 56.33% drop in active users compared to the previous week.
Furthermore, developments were observed beyond the realms of Bitcoin and Ethereum. Polygon, a close competitor, experienced a notable 29.43% increase in sales, reaching a value of $19.63 million. Meanwhile, Solana, a former market dominator, also saw growth, with sales reaching $18.225 million.
Bitcoin Network Activity
Despite the surging interest in Bitcoin NFTs, there was a noticeable decline in the number of active addresses on the Bitcoin network. Data from Santiment revealed that the number of active addresses conducting transactions on the Bitcoin network plummeted from 1.17 million to 613,000 in the last 30 days.
The decline in network transactions has had a negative impact on miners, affecting their revenues. Consequently, Bitcoin miners may need to sell their assets to maintain profitability, potentially causing fluctuations in BTC prices.
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Disclaimer: The information provided in this article is not financial advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies, conducting their own research before making any investment decisions.
