When NFTs first burst onto the scene, Ethereum dominated the market with a significant wave. However, as time passed, NFTs spread to other networks, leading to shifts in market leadership. At one point, Solana NFTs took the lead briefly before Ethereum solidified its position as the undisputed leader in the NFT sector. But recent months have seen a change in dynamics, with Bitcoin surpassing Ethereum to become the new frontrunner.
Are Bitcoin NFTs Making a Comeback?
Bitcoin has been making significant strides in the NFT sector, reclaiming the top spot from Ethereum with a 55.42% increase in total sales amounting to $49.74 million. Despite this growth, there have been concerns about wash trading, a practice known for artificially inflating volumes, which saw a 15.39% increase to $39,000. For the latest financial and business news, visit COINTURK FINANCE.
The surge in Bitcoin NFT sales has raised questions about the legitimacy of some trades. While there was an increase in wash trading, the number of active buyers on Bitcoin plummeted by 96%, with only 2,056 addresses engaging in transactions.
Ethereum, the former market leader, continued to trail behind Bitcoin with $35 million in NFT sales, showing a slight decline of 0.31% from the previous week. Despite having more active users than Bitcoin, Ethereum witnessed a significant drop of 56.33% in active users compared to the previous week.
Meanwhile, other networks also saw developments in the NFT sector. Polygon, a close competitor, experienced a 29.43% surge in sales, reaching $19.63 million. Solana, which had once dominated the market, also saw growth, reaching a value of $18.225 million.
Bitcoin Network Activity
Despite the growing interest in Bitcoin NFTs, there has been a noticeable decrease in the number of active addresses on the Bitcoin network. According to data from Santiment, the number of active addresses conducting transactions on the Bitcoin network dropped from 1.17 million to 613,000 in the last 30 days.
The decline in transactions on the network has had a negative impact on miners, affecting their revenues. As a result, Bitcoin miners may need to sell their assets to maintain profitability, potentially leading to fluctuations in BTC prices.
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Disclaimer: The information provided in this article is not investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and conduct their own research.