NFT sales on the Bitcoin (BTC) network hit a new record in December 2023, surpassing $881 million for the first time in history.
According to CryptoSlam, NFT sales on the Bitcoin blockchain reached $881,223,753.92 last month, setting the highest level of sales in a single month. This included 111,713 buyer addresses and 98,744 seller addresses.
Bitcoin-NFTs represent a new type of NFT. Unlike traditional ones, which are mostly linked to the Ethereum blockchain, bitcoin-NFTs are unique in that they are written directly into individual satoshis, the smallest unit of bitcoin. More specifically, each BTC is divided into 100 million satoshis. Bitcoin-NFTs are created by writing data onto these particles. This process is akin to engraving a tiny piece of data onto a small portion of the coin.
Ethereum and Solana have been left behind
Ethereum, the second largest blockchain, fell behind with NFT sales totaling $364.79 million. Solana ranked third with NFT sales of approximately $325.14 million, a 312% increase from the previous month. Polygon and Arbitrum blockchains are next.
High NFT sales in December
The highlight of NFT's December transactions was the sale of a digital copy of Vincent Van Gogh's famous "Self Portrait" from 1888 for an impressive price of $1.19 million. Another notable transaction occurred on Ethereum: Frxethredemption ticket #33 sold for $638,433. Despite the recent decline in NFT sales, which fell more than 35% from the previous week, December saw a record $1.7 billion worth of NFT transactions. This marked a significant 69% increase from November's figures, with Bitcoin continuing to dominate NFT sales.
According to cryptoslam.io statistics, BTC-based NFT sales were up 127.63% compared to the network's November figures. Other notable high-value NFT sales in December include Cardano's Deep Vision #05128, which brought in an impressive $551,750, and BNB's Lockdealnft #91 for $329,824. Solana's Boogle #009 rounded out the list of December's top five most expensive NFTs, selling for $274,209.
Of the top ten NFT collections in terms of sales, seven were sourced from the Bitcoin blockchain. Solana ranked fifth and the Mad Lads collection ranked eighth. Arbitrum's Sentry Node collection rose to ninth position in December. There were a total of 11,290,812 NFT transactions during the month with 469,389 NFT sellers and 600,744 NFT buyers. As reported, through December, NFT trading volume was up $99 million from $405 million in October.