December Sparks NFT Sales Surge — Bitcoin Dominates as Market Recovers, Iconic Collections Realign

In the wake of a strong rise in non-fungible token (NFT) sales last November, the initial week of December continued this trend, with sales escalating by 57% compared to the previous week.

Bitcoin Outshines as NFT Sales Skyrocket in Early December

This past week’s NFT sales amounted to approximately $316 million. Despite this surge, the volume of buyers and sellers decreased considerably, dropping 90.09% and 88.31% respectively, as per the seven-day data from cryptoslam.io.

NFTs linked to Bitcoin maintained their leading position in sales volume in November, a trend that persisted into the first week of December. From December 1, 2023, Bitcoin-related NFTs garnered $121.34 million in sales over the week, outperforming Ethereum-based NFTs, which saw sales of $100.83 million.

Sales of BTC-based NFTs surged by 171.80%, while those of Ethereum NFTs rose by a modest 6.66%. Other notable platforms in terms of NFT sales were Solana ($47M), Arbitrum ($14.4M), Polygon ($13.7M), and Immutable X ($5.93M).

Focusing on specific NFT collections, Bitcoin’s “$SATS BRC-20” NFTs topped the list with sales hitting $21.88 million, a 135% increase from the previous week. Arbitrum’s “Sentry Node License” followed, reaching $12.33 million in sales.

Additionally, “Uncategorized Ordinals” from the Bitcoin blockchain amassed $8.69 million, completing the top three collections of the week. Notably, four out of the top ten collections originated from Bitcoin, while only two were from Ethereum.

The week’s most notable sale was a Vincent Van Gogh painting embedded in the Bitcoin blockchain, fetching $1.19 million six days prior. Bitcoin also witnessed the sale of an old inscription, minted on January 15, 2023, which traded for 10.4 BTC, equivalent to $463,000 at the time of the transaction.

On the Ethereum (ETH) side, Fidenze #587 was sold for $463K two days ago. Meanwhile, a Solana Boogle NFT was purchased for $149K in the past 24 hours, and a Polygon Tribul #2 fetched $60K.

NFTs are experiencing a resurgence, following a period where many plummeted in value by over 90% since the onset of the crypto winter. Notably, the once-preeminent NFT collections, Bored Ape Yacht Club and Cryptopunks, have seen shifts in their standings, now ranking sixth and nineteenth, respectively.

What do you think about this week’s NFT sales? Share your thoughts and opinions about this subject in the comments section below.