Bitcoin Blockchain Sets New Record: December 2023 NFT Sales Surpass $881 Million for First Time Ever

Last updated: January 1, 2024 02:25 EST . 2 min read

Disclosure: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions. We may utilise affiliate links within our content, and receive commission.Source: Adobe/James ThewSales 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 and Solana Trail Behind

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.

Notable NFT Sales of December

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.

Despite a recent decline in NFT sales, dropping over 35% from the previous week, December witnessed a record-breaking $1.7 billion in NFT transactions

This marked a significant increase of more than 69% compared to November’s figures, with Bitcoin continuing to dominate NFT sales across ious blockchains

BTC-based NFT sales soared 127.63% above the chain’s November totals, as reported by cryptoslam.io statistics.

Other notable high-value NFT sales in December include Cardano’s Deep Vision #05128, which fetched an impressive $551,750, and BNB’s Lockdealnft #91, garnering $329,824

Solana’s Boogle #009 completed the list of December’s five most expensive NFTs, selling for $274,209.

Out of the top ten NFT collections in terms of sales, seven were derived from the Bitcoin blockchain

Solana’s Tensorians secured the fifth position, while the Mad Lads collection held the eighth spot

Arbitrum’s Sentry Node collection claimed the ninth position in December

Throughout the month, a total of 11,290,812 NFT transactions took place, involving 469,389 sellers and 600,744 NFT buyers.

As reported, prior to December, NFT trading volume surged by $99 million, reaching $405 million in October, signifying levels of sales not seen since August.