The decline in Bitcoin NFT sales joins the list of many things going wrong for Bitcoin in the last few weeks. Currently, Ethereum is the number one NFT blockchain in sales, with over $150 million of NFTs sold. In this article, we will explore the recent decline in sales and the top NFTs contributing to Ethereum’s growth.
Bitcoin NFT Sales Decline Massively
There’s been a massive decline in NFT sales within the Bitcoin blockchain as it drops to second place behind Ethereum. According to data from CryptoSlam, there’s a decline of more than 48%, which brings the total worth of NFT sales to less than $107 million in 30 days. At the time of writing, the figure dropped to $105 million. Subsequently, there’s also a 15% decline in the amount of NFT transactions happening within the network to less than 130,000.
There’s also a 45% decline in the number of buyers, bringing it down to 5,660, while the number of sellers has dropped to 5337, representing a 46% decline. Even though the Ethereum network is not having a massive increase in NFT sales, it is better than Bitcoin at the moment. In the last 30 days, there have been more than $150 million in NFT sales on the blockchain. Moreover, it still leads in weekly sales with over $38 million in sales, while Bitcoin stands in 4th position with $15 million in sales.
Why are Bitcoin NFT Sales Declining?
The recent decline in Bitcoin NFT sales coincides with the bad performance of the apex cryptocurrency, BTC. Over the past months, Bitcoin has continued to underperform despite the promises of the approved ETFs. According to data from CoinMarketCap, Bitcoin has declined by more than 5% in the last seven days to $58k. In one month, there’s a decline of over 17%, while it gets worse with the three-month data with over 13% losses. It has only managed to keep a positive increase of over 30% in the year-to-date data. However, this seems to be the primary cause of the recent decline in Bitcoin NFT sales.
Top NFTs Powering Ethereum NFT Growth as Bitcoin NFT Sales Decline
Some NFTs are behind the recent movement of the Ethereum network to the top spot of NFT sales, and they include:
Pudgy Penguins NFTs
Pudgy Penguins NFTs are experiencing massive growth, with more than 107% growth in 30 days to bring the total worth of NFT sales to $11 million. Moreover, there’s also an inflow of over 342 transactions, representing a 42% growth, with 195 buyers on standby.
Milady Maker
Milady Maker is another major NFT on the Ethereum network. Its monthly sales have increased by over 54% to over $7 million.
Ethereum Name Service
Ethereum Name Service is another major contributor to the recent resurgence of Ethereum NFTs after a 560% growth to increase its 30-day sales to $6 million. Moreover, it had over 20,000 transactions, 813 buyers, and 305 sellers within the same period.
Conclusion
Bitcoin NFT sales are on a decline in daily, weekly, and even monthly data. According to CryptoSlam, there was a decrease of more than 48%, which brings the total worth of NFT sales to less than $107 million in 30 days. On the other hand, the Ethereum blockchain had over $150 million in NFT sales within the same period. Apparently, some of the NFT collections contributing to the growth of Ethereum include Pudgy Penguins, Ethereum Name Service, and Milady Maker.
Cover Image from Microsoft Designer
The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from cryptonewsbytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
