Digital Gold Rush Or Passing Fad? By Benzinga

Benzinga – The world of non-fungible tokens (NFTs) witnessed a monumental shift in December 2023, as Bitcoin (CRYPTO: BTC) based NFTs, also known as Ordinals, shattered all previous sales records.

According to data from industry leader Cryptoslam, December saw a staggering $881,221,244.98 in Ordinal sales, marking a new single-month high and solidifying Bitcoin’s place in the ever-evolving NFT landscape.

This figure represents a more than 130% increase from November’s previous record of $375 million, showcasing the explosive growth of the Ordinal market.

Further highlighting this boom, the number of active buyers and sellers reached unprecedented levels.

Cryptoslam reports a record of 111,713 buyer addresses and 98,744 seller addresses in December, demonstrating the widespread participation and heightened engagement driving the market surge.

There could be several factors contributing to this phenomenal rise.

The Ordinals protocol, launched last year, allows users to inscribe unique data, including images, videos, and audio, directly onto individual satoshis, the smallest units of Bitcoin.

This innovation has unlocked a creative canvas for artists and collectors while leveraging the security and immutability of the Bitcoin blockchain.

Additionally, the broader NFT market experienced a resurgence in December, with Ethereum-based sales also seeing notable growth.

Also Read: Bitcoin Crosses $45K With All Eyes On ETF Countdown: Is Jan. 10 The Date That Crypto Changes Wall Street Forever?

This upward trend, coupled with rising Bitcoin prices, likely fueled the enthusiasm for Ordinals, attracting investors seeking new avenues for value creation in the digital asset space.

Despite the lingering concerns, the December performance could mark a turning point for Bitcoin NFTs.

With a rapidly expanding user base, diverse creative output, and the backing of the robust Bitcoin network, Ordinals may be poised to play a significant role in shaping the future of the NFT landscape.

The coming months will be crucial in determining whether this December outburst is a mere blip or the dawn of a new era for NFTs on the Bitcoin blockchain.

Meanwhile, Solana (CRYPTO: SOL) has flipped Ethereum (CRYPTO: ETH) in monthly NFT sales for the first time in history.

The total sales in December on the Solana blockchain stood at $366,463,501.64, while on Ethereum it was $353,185,353.15.

Read Next: Ethereum Revs Up For 2024 As Co-Founder Vitalik Buterin Outlines 6 Key Strategies

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