Shifting Dominance in the NFT Market - Latest cryptocurrency news

Shifting Dominance in the NFT Market

A change is occurring in the NFT market, which has been dominated by Ethereum. In the rising cryptocurrency market this week, NFT collections on the Bitcoin and Solana networks have made progress. While the Bitcoin ecosystem surpassed the Ethereum ecosystem on some days, Solana also took third place.

On December 12th, the Bitcoin network surpassed Ethereum in terms of 24-hour sales volume. NFT sales within the Bitcoin ecosystem exceeded $24 million, with Bitcoin Ordinals NFTs gaining millions of dollars in value. Bitcoin also overtook Ethereum in 30-day sales volume, reaching $463 million in sales.

Technology & Populer Science News: Newslinker.co

On the Ethereum network, NFT collections such as Matr1x Kuku and Pudgy Penguins attracted significant interest from buyers, and daily NFT sales surpassed $16 million.

The Solana network also ranked third in terms of 24-hour sales volume, surpassing $6 million. This volume is primarily attributed to the Tensorians, DeGods, and Gaimin Gladiators NFT collections.

Although the Bitcoin NFT market has recently made gains, it is still far from surpassing Ethereum’s network’s all-time sales record of $41 billion. The Bitcoin network has currently generated $1 billion from all-time NFT sales and is ranked sixth.

These positive developments in the NFT market follow the rise in the cryptocurrency market. Investors have reached significant user numbers, especially due to profit realization and the rise of Layer-1 projects like Ethereum and Solana.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
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