The NFT Marketplace Heats Up- A Battle Among Blockchains
The non-fungible token (NFT) market is rapidly changing, with different blockchains competing for dominance. Here is a closer look at the recent ups and downs of leading networks like Ethereum, Bitcoin, and Solana, providing a clear picture of the current market situation.
Bitcoin Makes a Surprise Move
While Ethereum has long been the king of the NFT market, Bitcoin surprised everyone by taking the top spot for two consecutive days, i.e., Thursday and Friday of last week. Though its sales figures were relatively low, hovering around $11 million, it marked a significant shift in the market dynamic.
A major contributor to Bitcoin’s rise was the JIGO BRC-20 NFT collection, built on the Bitcoin blockchain. This collection generated nearly $2 million in sales, proving the potential of Bitcoin-based NFTs.
Despite the initial lead, Bitcoin’s reign was short-lived. On Friday, Ethereum reclaimed its position as the leader with over $11 million in daily sales, while Bitcoin experienced a 16% slump. However, the week was not a complete loss for Bitcoin. It is expected to surpass the $3 billion mark in total sales volume, solidifying its presence in the NFT market.
Ethereum Regains Control
Ethereum remains the undisputed leader in terms of overall NFT sales volume. With a staggering $43.36 billion in all-time sales, it maintains a significant lead over its competitors. On Wednesday of this week, Ethereum reclaimed the daily sales crown with a substantial 39.19% increase, reaching $17.02 million.
This is not the first time Ethereum has wrestled control back from Bitcoin. The same pattern occurred earlier this week, with Bitcoin leading the market for the first two days and Ethereum taking over by Wednesday. This back-and-forth battle only represents the competitive nature of the NFT market, where dominance can shift quickly.
Solana and Others in the Race
While Bitcoin and Ethereum dominate the headlines, other blockchains are also contending for a piece of the NFT pie. Solana, known for its fast transaction speeds and lower fees, has seen mixed results. It secured third place on most days but experienced a 21.58% sales drop on Friday. Despite the fluctuation, Solana remains a strong contender, with projects like Mad Lads and Froganas making their mark on the top 10 collection rankings.
Other blockchains like Polygon and Mythos are also making strides. Polygon recently reached the $1 million daily sales mark for the first time this week, showing its growth potential. Mythos Chain, another player, witnessed a positive trend with a 10.71% increase in sales, reaching over $1 million in the last 24 hours.
Top NFT Blockchains by Daily Sales
Network |
Daily Sales (USD Million) |
All-Time Sales (USD Billion) |
| Ethereum | 17.02 | 43.36 |
| Bitcoin | 11.61 | Nearly 3 (expected to surpass soon) |
| Solana | 6.79 | Not Available |
| Polygon | 1.13 | Not Available |
| Mythos Chain | 1.06 | Not Available |
Wash Sales- A Factor to Consider
It is important to acknowledge the presence of wash sales in the NFT market. These occur when an investor sells an NFT to themselves or a connected account, artificially inflating the sales volume. While the exact impact of wash sales on the data is unclear, it is a factor to keep in mind when analyzing market trends.
While Ethereum remains the current leader, Bitcoin’s recent surge and the rise of other blockchains like Solana, Polygon, and Mythos point towards a more diversified market in the future. As the technology matures and new use cases emerge, the battle for NFT dominance is likely to continue.
https://forkast.news/ethereum-reclaims-nft-throne-with-us17-02-mln-in-daily-sales/
https://finance.yahoo.com/news/bitcoin-snatches-daily-nft-throne-183122136.html
