KEY POINTS
Bitcoin-based non-fungible tokens (NFTs) are once again making waves, experiencing a remarkable 50% surge in sales within a day.
According to data sourced from CryptoSlam, Bitcoin NFTs raked in $16 million in sales volume within a mere 24-hour window. In comparison, Ethereum and Solana, the main competitors, clocked in at $12 million and $7 million in sales, respectively, during the same timeframe.
This recent surge catapults Bitcoin NFTs to a cumulative sales volume of over $458 million for March, involving more than 67,000 sellers and 80,000 buyers. This represents a 34% increase in sales compared to the previous month, even with March yet to conclude.
This isn’t the first time this month that Bitcoin has outshined Ethereum and Solana in NFT sales. At the beginning of the month, Bitcoin NFTs dominated weekly sales, showcasing a trend that first began in December 2023 when they achieved record-breaking sales exceeding $881 million.
Since their inception in January 2023, Bitcoin NFTs have consistently made headlines with notable sales. For instance, in January 2024, The Taproot Wizards’ Bitcoin NFT collection, “Quantum Cats,” sold out, amassing a total of $12.9 million. Similarly, Sotheby’s concluded its “Natively Digital” Bitcoin NFT sale during the same month, generating over $1 million.
While Bitcoin has yet to surpass Ethereum in all-time NFT sales — considering Ethereum’s $43 billion sales volume compared to Bitcoin’s $2 billion — the rapid growth within just one year is undeniably impressive.
These positive numbers, including those from Solana and Ethereum NFTs, signal a promising recovery in the NFT market, which faced several downturns throughout the previous year. Last month, Solana NFTs achieved a significant milestone, surpassing $5 billion in total sales, while Ethereum’s NFT market witnessed a remarkable resurgence, with sales skyrocketing by nearly 97% in the second week of February.
