NFT Market Recap: BTC Dominates Growth

Ethereum-based NFTs followed closely behind with $165,264,274 in transactions, with Cryptopunks being a major contributor.

This week saw another increase in Non-fungible token (NFT) transactions, with Bitcoin-based NFTs contributing the most to the growth, with $166,090,817 in sales. The demand for Bitcoin digital collectibles increased by 14.26% week-over-week, according to data from cryptoslam.io.

The Bitcoin blockchain witnessed the publication of two collections that dominated the activity: Nodemonkes and Unusual Ordinals, which amassed $37.02 million and $41.46 million, respectively.

In addition, the Natcats Tap NFTs collection accumulated a significant amount of revenue, amounting to $11,227,067, securing the fourth position.

Ethereum’s Strong NFT Presence

NFT transactions utilizing Ethereum exhibited a close second in revenue generation, amounting to $165,264,274. Cryptopunks occupied the third-largest position in weekly sales of Ethereum-based assets, amassing $27,041,685.

Furthermore, sales spanning from $11,210,023 to $10,978,077 were secured by Bored Ape Yacht Club (BAYC) and Pudgy Penguins, significantly contributing to Ethereum’s success this week. Overall, Ethereum NFT sales increased by 11.72% compared to the previous week.

The Solana, BNB Chain, and Mythos Chain blockchains occupied the third, fifth, and fifth positions, respectively, in terms of Non-fungible token sales. The Blast blockchain exhibited the most substantial weekly growth, as evidenced by sales totaling $5,306,912—a 196.64% increase.

It was reported that the transaction of ‘Alien’ Cryptopunk #3,100 for $16 million constituted the weekly high point. Boogle #071, an item created by Solana, was sold for $355,368. Additionally, an Ordinal Non-fungible token by Unknown was acquired for $353,833.

In addition, the most extensive Ordinal inscription, the Runestone, was auctioned off on Friday for 8 BTC ($544,713). As per the developer of Runestop, Leonidas, the entirety of the auction proceeds will be allocated towards financing the network expenses linked to the Runestone airdrop initiative.