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The global non-fungible token market has skyrocketed in trading sales volume and surged above $31 million for the first time in December. This exponential NFT growth happened after an investor bought a non-fungible token collection on the Bitcoin network. In response to this mega NFT sale, Bitcoin has become the leading blockchain network, dethroning the dominant Ethereum network.
Bitcoin Emerges As The NFT Market Leader
Data compiled by Cryptoslam.io, an on-chain crypto market data aggregator and a non-fungible token market explorer tracking NFTs from more than 20 blockchain networks, indicates that the Bitcoin NFT market has significantly surged this week. In the past 24 hours, the Bitcoin-based NFT collections have amassed a trading sales volume of $22 million. During this period, Bitcoin ranks first in the NFT market, dethroning Ethereum, which has a trading sales volume of just $3.9 million.
On the other hand, BNB Chain, a high-speed, low-cost blockchain net designed for decentralized applications (dApps), including NFTs, GameFi, and DeFi, and Base, a secure, low-cost Ethereum Layer-2 network developed by Coinbase that offers fast, scalable infrastructure for NFTs, were the third and fourth most traded blockchain networks in the NFT market. In the past 24 hours, the BNB Chain and Base NFT collections have amassed a trading sales volume of $1.3 million and $793,758.
During this period, Ethereum is down by 6.6%, while BNB Chain and Base trading sales volume are up by 41% and 28 %, respectively. In response to this market surge, the total NFT market sales volume has reached $31 million, representing a 180% increase from the previous day. In the past week, the number of people buying NFTs has seen a notable resurgence, though the market has not fully returned to its initial peak.
Factors Boosting Bitcoin NFT Market Growth
$X@AI BRC-20 is a non-fungible token collection responsible for the market surge witnessed today. Just a few hours ago, an investor bought a $X@AI BRC-20 NFT collection for 195 BTC, equivalent to $17 million. This NFT collection was made directly without NFT market platforms involved. This NFT transaction has given many NFT traders hope that the NFT market will rise again and possibly retest another bull run.
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