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Bitcoin NFTs hits $880M in sales in December, surpassing Ethereum and Solana combined

Jan. 3, 2024

Bitcoin has surpassed Ethereum, Solana, and Polygon, becoming the number one chain in NFT sales.

Bitcoin NFTs hits $880M in sales in December, surpassing Ethereum and Solana combined

With Ordinals taking center stage, Bitcoin dominated the NFT market last month, accounting for more than half of the overall monthly NFT sales.

According to data from CryptoSlam, Bitcoin NFT sales surged to a record high of over $880 million in December, outpacing major platforms like Ethereum, Solana, and Polygon. The number of buyers and sellers skyrocketed by 140%, with over 9,000 buyers and 10,000 sellers joining the market.

While Bitcoin dominated, Ethereum experienced a decline in NFT sales, dropping by 15.57% to reach $350 million. In contrast, Solana also saw a remarkable 250% growth, though its total sales still trailed those of Bitcoin and Ethereum. Arbitrum also showcased significant growth, with a 180% surge in NFT sales.

The most valuable NFT sold was Van Gogh’s Painting #216, fetching $1.19 million. This NFT is part of a Bitcoin-powered NFT collection created to pay tribute to the renowned artist. Two other artworks from the same collection, #132 and #283, were sold earlier for $1.3 million and $1.27 million, respectively.

Overall, while global NFT sales surpassed $1.7 billion last month, this volume remains significantly below its peak of $5.5 billion back in August 2021.

Ordinals have played an essential role in the recent surge in Bitcoin’s NFT sales. Introduced in September 2022, this new technology allows users to inscribe digital items, including images, videos, and music, directly onto the Bitcoin blockchain. BitMEX reported over 13,000 Ordinals transactions were processed within the first two months, consuming 526MB of Bitcoin blockspace.

Advocates such as Bitcoin developer Udi Wertheimer or MicroStrategy’s co-founder Michael Saylor champion Ordinals for boosting Bitcoin’s sustainability. However, not all Bitcoin community members agree. Luke Dashjr, a Bitcoin Core developer, argues that these inscriptions exploit a vulnerability in the data size limit, potentially leading to network spam.

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