The NFT market is experiencing a major turning point. Even with a 8.26% decrease in sales, Ethereum continues to reign supreme. Places like Bitcoin and Solana are quickly making their claim as the platforms to watch, having significant recent gains in sales figures and user activity. These changes are a reflection of a fast-evolving space characterized by increasing competition between blockchain networks.
Ethereum-based NFTs remain dominant today, other blockchains are quickly catching up. This is further demonstrated by higher sales numbers and widespread adoption rates. Evidence of growing interest and participation in digital assets beyond increased opportunities for creators, the NFT space is experiencing positive momentum with growing wallet adoption.
Ethereum's Reign and Market Dynamics
Ethereum’s deep-rooted infrastructure, massive adoption, and leading collections like Cryptopunks and Bored Ape Yacht Club support its supremacy. The most recent data, though, tells a more complex story. While Ethereum NFT sales remain significantly down across the board, there are still some notable high-dollar transactions happening. As an example, the Bored Ape Yacht Club #7,398 just sold for $325,387!
In fact, seller activity on Ethereum blockchain has increased by 25.86%. Sales values can go up and down, but demand for the NFT market is undeniable. Thankfully, most participants are very keen to participate even with these changes. The increase in seller activity could indicate a strategic repositioning within the market as participants adapt to changing trends and explore new opportunities.
Solana and Bitcoin Rise in the Ranks
NFTs on Solana, meanwhile, have put up a commendable performance, with Solana NFT sales rising 6.39% to $19.4 million. That’s because Monkey NFTs on Solana skyrocketed by 52.16% after creating $3.36 million in sales. This increase is indicative of a growing enthusiasm for non-Ethereum blockchain platforms. Some of these platforms offer transaction speeds and costs that eclipse Ethereum’s.
Bitcoin-based NFTs are having a moment as sales surge 12.39% to $13.7 million. One of the largest sales in this category was the Bitcoin-Based Ordinal Maxi Biz NFT which sold for $82,819. As you might know, Bitcoin NFTs are really hot right now. Digital Asset Enthusiasts & Investors Collectors and investors are exploring new opportunities through and investing in the digital asset market.
Expanding Wallet Adoption and Diverse Platforms
The NFT market has been a driver of recent growth in wallet adoption. Today, the number of wallets that hold or trade NFTs has increased from a mere 89,000 in 2020 to a staggering 2.5 million. This growth further highlights how NFTs as digital assets have become more accessible and mainstream.
Other platforms like Ronin, Flow, and Immutable X are competing for their piece of the NFT pie. Ronin now makes up 19% of the market, with Flow and Immutable X at 6% each. Guild of Guardians (Immutable X), +6.62% sales up to $3.31 million. Notably, the Arbitrum GUSDC Locked Deposit sold for $184,956, highlighting the trend of six-figure transactions spanning many different protocols. Gaming NFTs and digital collectibles resulted in large sales volumes in 2021, at $5.2 billion and $8.4 billion, respectively.
