Holiday Frenzy Causes 60% Decrease in Values
The short-lived reign of Bitcoin as the leading NFT platform came to an end this month, with Ethereum reclaiming the top spot as NFT sales on the Bitcoin network plummeted over 60% compared to December’s record highs.
Data from NFT analytics platform CryptoSlam reveals a stark reversal in fortunes. After surpassing Ethereum in December with $881 million worth of NFT sales, Bitcoin’s January volume has sunk to $314 million as of two days before month-end. Meanwhile, Ethereum has maintained a steadier pace, registering $328 million in sales over the past 28 days.
Bitcoin NFT Loses Its Appeal
This shift can be attributed to the fading fervor surrounding Ordinals, a technology enabling inscriptions and non-fungible tokens directly on the Bitcoin blockchain. The December surge in Bitcoin NFT activity was largely driven by Ordinals-related hype, leading to high fees for inscription minting. For instance, on December 10th, Bitcoin saw a single-day high fee of $10 million due to inscription transactions.
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