Bitcoin Leads NFT Market with $16 Million in Sales, Outperforming Ethereum and Solana
In the latest turn of events, Bitcoin has dominated the non-fungible token (NFT) market, recording sales of $16.63 million in the 24-hour period ending at noon ET on Monday. This performance positioned Bitcoin as the leading blockchain for NFT sales, despite experiencing a 36.67% drop in sales volume compared to previous figures, according to data from CryptoSlam.
This decline was nevertheless viewed as an improvement from last week’s performance, where Bitcoin struggled to surpass the $10 million mark in total sales. Meanwhile, Ethereum saw a 22% increase in sales, reaching just over $10 million and securing second place in the market standings for the day.
The day’s highlight included the sale of CryptoPunk 2306 for 320 ETH, equivalent to approximately $1.095 million. This sale marked it as the 73rd largest transaction for a CryptoPunk NFT. The punk had been under the previous owner’s belt for two years prior to this sale.
Bitcoin’s sales outshone even Ethereum, the usual frontrunner in NFT sales, by a significant margin. This comes as the overall cryptocurrency market showed robust performance, with Bitcoin trading above $70,000 for the first time in April, pushing the total market capitalization up by 3.6% to $2.8 trillion.
Both Bitcoin and Ethereum’s native cryptocurrencies saw an increase of over 5% in the past seven days. On the other hand, Solana, which ranked third in NFT sales, experienced a downturn. Its NFT sales dropped by 20% to $4.6 million, which is less than half of Ethereum’s sales figures. Solana’s native token, SOL, fell by 3.6% over the past week, despite a minor increase of 0.4% on Monday.
Solana has recently been under scrutiny due to a high number of transaction failures, as reported on the Dune Analytics dashboard. While some critics pointed fingers at network issues, others, like Helius Labs CEO Mert Mumtaz, explained that these were mainly due to bots failing in arbitrage attempts, noting that this typically does not affect regular users since transactions are pre-simulated in wallets to flag potential failures.
