NFT sales on the Bitcoin (BTC) network reached a new milestone in December 2023, surpassing $881 million for the first time.
According to CryptoSlam data, NFT sales on the Bitcoin chain reached $881,223,753.92 last month, the highest single-month sales record to date.
This included 111,713 buyer addresses and 98,744 seller addresses, both representing the highest monthly record to date.
Bitcoin NFTs, also known as Ordinals, are a new type of NFT found on the Bitcoin blockchain.
Unlike traditional NFTs, which are primarily tied to the Ethereum blockchain, Bitcoin NFTs are unique because they are inscribed directly onto an individual satoshi, which is the smallest unit of bitcoin.
More specifically, each Bitcoin can be divided into 100 million satoshis. Bitcoin NFTs are created by recording data on these satoshis.
This process is similar to recording a small piece of data in a small portion of Bitcoin.
Ethereum and Solana are lagging behind
It is followed by Ethereum, the second largest blockchain, with NFT sales totaling $364.79 million.
Sales of BTC-focused NFTs outpaced those of ETH by a large margin, being 2.34x higher in December.
Solana took third place with approximately $325.14 million in NFT sales, and saw a significant increase of 312% from the previous month.
After the top three, Polygon and Arbitrum have emerged as the next leading blockchains in terms of NFT sales.
NFT sales are notable for December
The highlight of December’s NFT transactions was the sale of a digital version of Vincent van Gogh’s famous Self-Portrait, 1888 (Van Gogh Painting No. 216), which achieved a staggering price of $1.19 million.
Another notable sell-off took place on Ethereum, with Frxethredemption ticket #33 reaching $638,433 this month.
Despite the recent decline in NFT sales, which were down more than 35% from the previous week, December saw a record $1.7 billion in NFT transactions.
This represents a significant increase of over 69% compared to November numbers, and Bitcoin continues to dominate NFT sales on various blockchains.
Sales of BTC-based NFTs surged 127.63% higher than total on-chain sales in November, according to cryptoslam.io statistics.
Other notable high-value NFT sales in December include Cardano’s Deep Vision #05128, which earned $551,750, and BNB’s Lockdealnft #91, which earned $329,824.
Solana’s Boogle #009 completed the list of the top five most expensive NFTs for December, selling for $274,209.
Of the top ten best-selling NFT collections, seven are derived from the Bitcoin blockchain.
The Solana Tensorians group took fifth place, while the Mad Lads group took eighth place.
Arbitrum’s Sentry Node cluster ranked ninth in December.
Over the course of the month, a total of 11,290,812 NFT transactions were executed, involving 469,389 NFT sellers and 600,744 NFT buyers.
As reported, prior to December, NFT trading volume rose by $99 million, reaching $405 million in October, meaning sales levels not seen since August.