Sales of non-fungible tokens (NFTs) on the Bitcoin (BTC) network surged to an impressive $881 million in December 2023, setting a new record for single-month sales, according to data from Cryptoslam.
During December, a record-breaking 111,713 buyer addresses engaged in NFT transactions on the Bitcoin blockchain. At the same time, the number of merchant addresses also reached a new high of 98,744, indicating a thriving marketplace for NFTs.
In comparison, NFT sales on the Ethereum (ETH) network totaled $364.79 million in December. However, BTC-focused NFTs outperformed ETH sales by a significant margin, achieving 2.34 times higher sales volume.
Among the notable transactions in December was the sale of a digital copy of Vincent Van Gogh’s 1888 self-portrait (Van Gogh painting #216) for $1.19 million, making it one of the most valuable NFT transactions of the month. Additionally, the Ethereum platform saw the sale of the Frxethredemption Ticket #33 token, which was priced at $638,433.
Bitcoin Core developer Luke Dashjr raised concerns about Inscriptions, the technology behind the Ordinals protocol, attributing them to the rise of spam on the network and predicting their eventual demise. This sparked debates within the community regarding the impact of such censorship methods on the blockchain, with some users arguing that miners are inclined to prioritize transactions with “inscriptions” due to their economic benefits.
As the Ordinals protocol gains traction, Bitcoin fees soared to unprecedented levels, indicating the growing significance of blockchain technology in the digital economy. Stay updated with the latest news and developments by following us on Google News.