Bitcoin Blockchain Sets New Record: December 2023 NFT Sales Surpass $881 Million for First Time Ever
Sales of NFTs on the Bitcoin (BTC) network reached a new milestone in December 2023, surpassing $881 million for the first time ever.
According data by CryptoSlam , NFT sales on the Bitcoin chain reached $881,223,753.92 last month, setting the highest single-month sales record to date.
This included 111,713 buyer addresses and 98,744 seller addresses, both setting the highest single-month records to date.
Bitcoin NFTs, also known as Ordinals, are a new type of NFT that exists on the Bitcoin blockchain.
Unlike traditional NFTs which are mostly associated with the Ethereum blockchain, Bitcoin NFTs are unique in that they are inscribed directly onto individual satoshis, the smallest unit of a bitcoin.
More specifically, each Bitcoin is divisible into 100 million satoshis. Bitcoin NFTs are created by inscribing data onto these satoshis.
This process is akin to engraving a tiny piece of data onto a small fraction of a Bitcoin.
Ethereum, the second-largest blockchain, trailed behind with NFT sales totaling $364.79 million.
BTC-focused NFT sales outperformed ETH’s by a significant margin, being 2.34 times greater in December.
Solana secured the third spot with approximately $325.14 million in NFT sales, experiencing a remarkable 312% increase from the previous month.
Following the top three, Polygon and Arbitrum emerged as the subsequent leading blockchains in terms of NFT sales.
The pinnacle of December’s NFT transactions featured the sale of a digital copy of Vincent Van Gogh’s renowned Self-portrait, 1888 (Van Gogh’s painting #216), which commanded an impressive price of $1.19 million.
Another notable sale took place on Ethereum, with the Frxethredemption Ticket #33 fetching $638,433 this month.
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