Bitcoin‘s network outpaced Ethereum as the leading blockchain for NFT sales volume in December, marking the second such occurrence within two months. Bitcoin’s NFT sales soared to $881 million, dwarfing Ethereum’s $353 million, according to CryptoSlam data.
In November, NFT sales on Ethereum lagged nearly 10% behind Bitcoin, highlighting a historic shift in sales volume dominance. The surge in NFT activity on the Bitcoin network can be attributed to renewed interest in Ordinals.
Data from Dune Analytics revealed that Bitcoin network activity peaked on December 16th, with a record $10 million paid in fees for creating options in a single day. This surge in Options and Ordinals activity on the Bitcoin network has increased demand for block space.
Despite Ethereum recording a higher number of transactions in December, Bitcoin maintained its lead in NFT sales volume as the new trading year approached, with $61.08 million in sales so far, compared to Ethereum’s $27 million reported by CryptoSlam.
Despite high activity on the Bitcoin network, the overall market witnessed a pullback in NFT sales activity last week. Data from NFTGo indicates a 10% decrease in NFT sales volume and market value, dropping to $116 million over the past week.