Bitcoin Dominates the NFT Market With A Massive Sales Increase

The NFT sector has remained quite active as the tokenization technology gains mainstream adoption. Just as the broader crypto market showed impressive recovery over the past few days, the NFT market boomed with substantial gains.

Recently, Bitcoin has indicated its dominance in the NFT market with a significant sales increase, emerging as the top platform for non-fungible tokens. With a whopping 74% sales surge, Bitcoin NFTs outperformed others, including Ethereum, BNB, and Solana.

Bitcoin Blockchain NFT Sales Surged By 74% 

Bitcoin has distinguished itself as the leading blockchain for non-fungible tokens (NFT) from the beginning of the week. According to data from CryptoSlam, Bitcoin NFT sales on Monday recorded a 24-hour increase of 74%.

The data disclosed that the Bitcoin blockchain saw $21.11 million in NFT sales, a substantial increase from Sunday’s sales of $12.13 million.

In addition, the number of transactions moved from 5,773 on Sunday to 6,759 on Monday, marking a 17% increase. This indicated that the blockchain recorded a rise in the overall activity level within the period.

With Bitcoin leading in the NFT sales data, Ethereum trailed closely behind with a 21% drop in NFT sales, bringing its total sales volume to $12.41 million.

Solana followed with a 32% increase in sales, taking the total sales volume to $10 million. The Bitcoin blockchain dominance in NFT sales is coming as a twist to many observers in the industry. It outperforms Ethereum and Solana, the two big names that have dominated the NFT industry in the past few years.

But Bitcoin’s NFT’s Monday sales volume plummeted by $1 million from Friday, March 15. The network emerged as the top performer on Friday, with an 86% sales increase. 

The number of NFT transactions on the blockchain reached 6,835, reflecting a 19% on Friday. Notably, with such an increase, Bitcoin was ahead of Ethereum, Solana, and other blockchains.

Following its performance last Friday, Bitcoin’s NFT all-time sales volume rose to $2.8 billion. It now ranks fourth among all blockchains in terms of NFT sales volume.

Bitcoin’s Performance In The Broader Crypto Market

Last week, Bitcoin broke a new record in its price trend in the history of cryptocurrency, reaching a new all-time high of $73,750 on March 14, 2024. The flagship crypto asset surpassed its previous ATH of over $69,000 in 2021.

The broader crypto market responded and followed Bitcoin’s trend as almost all assets surged significantly.

Subsequently, the cumulative crypto market cap surged to over $2.78 trillion. However, the trend has changed as Bitcoin lost over $10,000 from its new ATH. Other tokens are not left behind in the price retraction.

The overall crypto market cap has slipped to $2.4 trillion, indicating a 6.67% decrease within the past day.

Rekt Capital, a renowned crypto analyst, offers some explanation regarding BTC’s price decline. In his post on the X platform, the analyst talked about some stages of Bitcoin Halving. He pointed out that Bitcoin’s price retreat takes place between 14 to 28 days before the halving event and could linger for multiple weeks.