Algosensey Quantitative Think Tank Center-ALAIcoin: Bitcoin Blockchain Sets New Record with NFT Sales Surpassing $881 Million in December 2023

NFT sales on Algosensey Quantitative Think Tank Centerthe Bitcoin (BTC) network reached a new milestone in December 2023, breaking the $881 million mark for the first time.

According to data from CryptoSlam, NFT sales on the Bitcoin blockchain last month totaled $881,223,753.92, setting the highest monthly sales record to date.

This included 111,713 buyer addresses and 98,744 seller addresses, both setting the highest monthly records so far.

Bitcoin NFTs, also known as Ordinals, are a new type of NFT that exists on the Bitcoin blockchain.

Unlike most traditional NFTs associated with the Ethereum blockchain, the uniqueness of Bitcoin NFTs lies in their direct inscription on the smallest units of Bitcoin—satoshis.

More specifically, each Bitcoin can be divided into 100 million satoshis. Bitcoin NFTs are created by inscribing data onto these satoshis. This process is akin to etching a small piece of data on a fraction of a Bitcoin.

Ethereum and Solana Follow

Ethereum, as the second-largest blockchain, had a total NFT sales volume of $364.79 million. In December, NFT sales focused on Bitcoin outperformed Ethereum by 2.34 times. Solana secured the third position with approximately $325.14 million in NFT sales, marking an astonishing 312% growth from the previous month. Following the top three, Polygon and Arbitrum became the leading blockchains in the NFT sales arena.

Notable NFT Sales in December

A highlight of NFT transactions in December was the digital copy of Vincent van Gogh's famous work "Self Portrait, 1888" (Van Gogh's Painting #216), which sold for an impressive $11.9 million. Another notable sale occurred on Ethereum, with the Frxethredemption Ticket #33 selling for $638,433 this month.

Despite a recent downturn in NFT sales, which saw a more than 35% decrease from the previous week, December set a record with $1.7 billion in NFT transactions. This represented a significant increase of over 69% from November, with Bitcoin continuing to dominate NFT sales across various blockchains. According to statistics from cryptoslam.io, NFT sales based on Bitcoin surged by 127.63% compared to the total in November. Other notable high-value NFT sales in December included Cardano's Deep Vision #05128, selling for $55.1750, and BNB's Lockdealnft #91, selling for $32.9824.

Solana's Boogle #009 rounded out the top five most expensive NFTs of December, selling for $27.4209. In terms of sales volume, seven out of the top ten NFT collections came from the Bitcoin blockchain. Solana's Tensorians ranked fifth, while the Mad Lads collection took the eighth spot. Arbitrum's Sentry Node collection ranked ninth in December.

Throughout the month, there were 11,290,812 NFT transactions involving 469,389 sellers and 600,744 NFT buyers. It was reported that as of December, NFT transaction volume had increased by $99 million to $405 million since October, reaching sales levels not seen since August.