December Witnesses Soaring NFT Trade Volumes

The past week marked a notable surge in NFT trading, indicating heightened market activity. Over the last 30 days, the Bitcoin network has emerged as the leading platform, registering the highest NFT sales volume.

December Witnesses Soaring Nft Trade Volumes_65b9795061c56.webp

Setting a new milestone for the year, the trading volume of non-fungible tokens (NFTs) surged to an unprecedented $516 million during the week of December 10th to 17th, marking the highest weekly total. The Block’s NFT dashboard data revealed this remarkable spike, occurring during a period that had otherwise been relatively subdued for NFTs, with trading volume remaining stagnant for the majority of the year.

december witnesses soaring nft trade volumes 65b97950665b1

This surge in NFT trading volume has been particularly noteworthy since October. AZC News uncovered a striking 198% increase in monthly NFT sales volume between October and November, reaching an impressive $918 million. The last time such heights were reached in monthly NFT sales volume was back in March, when the market recorded a total sales figure of $931 million. This surge comes after a significant dip of 67% in NFT sales volume between March and October, attributed to a general market bearishness and waning interest in digital collectibles, as indicated by data from CryptoSlam.

december witnesses soaring nft trade volumes 65b97950706e2

Bitcoin Takes the Lead, Ethereum Trails Behind

In the latest turn of events, Bitcoin has taken the lead, surpassing Ethereum in terms of NFT sales volume. The recent surge in activity related to inscriptions and BRC-20 tokens on the Bitcoin network propelled it above Ethereum in the last month. Specifically, between December 10th and 17th, the Bitcoin network contributed $305.44 million to the overall NFT sales volume of $516 million recorded during that period.

In the preceding 30 days, the NFT sales volume on the Bitcoin network has experienced an impressive surge, escalating by 161% and reaching a current total of $695 million. In stark contrast, sales on the Ethereum network have shown a modest growth of only 9% during the same period, amounting to $382 million as of the latest update.

Related: NFT Trader Platform Experiences Security Vulnerability, Hacked for $3 Million

Notably, Ethereum has taken the lead in terms of both buyer and seller count within the observed period. CryptoSlam reports a total of 178,617 NFT traders on the Ethereum network in the last 30 days, surpassing Bitcoin’s count of 88,305 NFT traders during the same timeframe.

december witnesses soaring nft trade volumes 65b979508032e

Intense Engagement with Inscriptions Signals High Activity

The surge in NFT activity is not confined to a specific blockchain network; there has been a widespread increase in activity around inscriptions across multiple blockchain networks in the past week. This heightened activity has led to a notable surge in network transaction fees, reaching multi-month highs due to increased network usage.

december witnesses soaring nft trade volumes 65b979508a49d

On December 16th, the Bitcoin network recorded a remarkable single-day high of $10 million paid as fees for minting inscriptions on the blockchain, as reported by data from Dune Analytics. This indicates a substantial uptick in the engagement with NFTs, contributing to the dynamic landscape of blockchain transactions and fees.


(100 votes)

Leave a Reply

Your email address will not be published. Required fields are marked *


Azcoiner Exclusive Event On Bingx

Airdrops | Altcoin | Editor Choice

AZcoiner Exclusive Event on BingX

Join the exclusive event hosted by AZCoiner in collaboration with the BingX exchange to receive attractive rewards of up to $2000. Participate now to avoid missing out!

Azcnews Breaking

Editor Choice | Research

What is Pump and Dump? What Should You Do When This Phenomenon Occurs?

The phenomenon of Pump & Dump is quite prevalent in the cryptocurrency market. So, what is Pump? What is Dump? And what should you do when this phenomenon occurs? Let's find out through the article below!

Azcnews1 Breaking

Editor Choice | Research

What is Runes Protocol? The Protocol Generating Heat Ahead of the Halving

After Halving, the narrative will only revolve around Bitcoin and Runes is a story just like that. So, what is Runes protocol? Let's find out right away!

Azcnews Breaking

Editor Choice | Research

What is Staking Crypto? Tips to Maximize Profit When Holding Coins

When you hold any coin without knowing how to optimize its profitability, coins with staking mechanisms help you generate additional profits while you hold them. So, what is Staking? What are the benefits of staking? Let's find out!


News | Bitcoin | Editor Choice

Bitcoin Rises to $65,000 Just Hours Before Halving

Bitcoin surged to $65,000, experiencing a nearly 8% fluctuation in just a few hours, amidst signs of easing tensions in Iran.