Ethereum Takes A Backseat As Bitcoin NFT Sales Skyrocket

Ethereum (ETH) had dominated the NFT sector for some time, but Bitcoin (BTC) recently surpassed it to become the top player. NFTs saw a resurgence, with Bitcoin leading in sales, experiencing a significant 55.42% increase to reach $49.74 million. However, this surge was accompanied by a rise in wash trading, increasing by 15.39% to over $39,000, raising concerns about the authenticity of some activities.

Slow And Steady

Despite the increase in wash trading, the number of active Bitcoin buyers dropped by nearly 96%, with only 2,056 addresses participating in the market. Ethereum, the former leader, followed closely with $35 million in NFT sales, a slight decline of 0.31% compared to the previous week. However, Ethereum had a higher number of active buyers, though this still marked a significant 56.33% drop compared to the prior week.

Other blockchains also made progress. Polygon saw a healthy 29.43% increase in sales, reaching $19.63 million. Solana claimed the fourth position with $18.225 million in sales, while Immutable X experienced a 12.77% increase in sales, strengthening its position in the NFT ecosystem.

A Mixed Bag

A popular collection on the Bitcoin network, Quantum Cats, experienced a 51% increase in sales volume over the past month, with sales transactions growing by 33% during this period. Despite the heightened interest in Bitcoin NFTs, the amount of active addresses on the Bitcoin network significantly declined.

Infact, the number of daily active addresses on the Bitcoin network decreased to 613,000 in the last 30 days. The reduced activity on the network also impacts miners, affecting their ability to generate revenue based on network transactions.