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Bitcoin leads NFT market with surge in BRC-20 token sales

EditorHari G
Published 11/21/2023, 11:02 AM
Updated 11/21/2023, 11:02 AM
© Reuters

In the latest developments within the cryptocurrency sector, Bitcoin has taken a significant lead over Ethereum in the non-fungible token (NFT) market. Data from CryptoSlam indicates that Bitcoin's NFT sales volumes have reached $16.94 million in just one day, contributing to a weekly total of $177 million, marking an 88% increase. This surge is attributed to the growing popularity of SATS BRC-20 NFTs, which are currently the most sought-after collections on the Bitcoin network.

The resurgence in Bitcoin's NFT market is largely due to the success of the Ordinals protocol, as reported by Dune analytics. The protocol has seen more than 5.6 million inscriptions this November alone, suggesting a robust revival from what was previously termed as an NFT winter. This increase in activity has also been reflected in transaction fees, where Bitcoin has outpaced Ethereum. According to Glassnode statistics from Monday, Bitcoin's average transaction fee stood at $10.35, surpassing Ethereum’s $8.43. This indicates a significant uptick in network activity and interest in Bitcoin-based NFTs and smart contracts functionality.

Furthermore, Bitcoin's dominance in the NFT market is evident from its monthly sales figures, which amounted to $312 million against Ethereum's $304 million. Notably, BRC-20 NFTs have topped the sales volume ranking with $83 million in transactions on Tuesday, overshadowing other prominent collections such as the Bored Ape Yacht Club, which reported $42 million in sales. The buyer base for BRC-20 NFTs has expanded by 398%, showcasing a rapidly growing interest among collectors and investors.

These trends underscore a shifting landscape within the cryptocurrency markets, where Bitcoin is not only seen as a store of value or medium of exchange but is also gaining traction in the burgeoning NFT space — a realm that was predominantly led by Ethereum due to its early adoption of smart contracts and support for various digital assets and applications. The increased earnings for miners due to higher transaction fees further highlight the positive impact of this shift on various stakeholders within the Bitcoin ecosystem.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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