In a surprising turn of events, Bitcoin has outpaced Ethereum in terms of NFT sales over a 24-hour period on November 8, 2023. The sales of Bitcoin-based NFTs hit a remarkable $17.17 million, overshadowing Ethereum’s $15.77 million. This notable occurrence has been a first in the history of cryptocurrency NFT sales dynamics.
This shift was spotlighted by cryptoslam.io analytics, showing Bitcoin’s rising prominence in the NFT market. Just days prior, Bitcoin.com News underscored Bitcoin’s burgeoning status as a significant player in the NFT space, second only to Ethereum in weekly sales. The momentum led to an extraordinary day where Bitcoin’s unique form of NFTs, known as Ordinal inscriptions, surged past Ethereum’s, a milestone that NFT aficionado Leonidas of Ord.io inscribed on the Bitcoin blockchain in celebration.
Despite a slump in activity for over a month after reaching a zenith in daily mints, the trend for Ordinal inscriptions saw a revitalizing surge on October 24. This revival reached a crescendo by November 4, with the day witnessing the second-largest number of inscriptions ever recorded for Bitcoin in a single day, totaling 433,471.
In the broader picture, Ethereum maintains a strong weekly performance, with NFT sales amassing $79.61 million since November 1. This figure marks a substantial 45.66% increase from the preceding week. Bitcoin, while still trailing on a weekly scale, has also seen a significant sales jump, registering an astounding 661.60% increase to $55.52 million compared to the previous week.
Dominating the NFT sale charts on this landmark Wednesday was the “$SATS BRC-20 NFTs” collection, which astonishingly outdid the well-known Bored Ape Yacht Club (BAYC) series. Following behind was the “$RATS BRC-20 NFTs” collection, which clinched the third position in sales for the day.
While Bitcoin has marked a noteworthy day of sales, Ethereum continues to lead the race in the NFT market on a weekly basis. As it stands, Ethereum’s lead of $24.09 million suggests that Bitcoin’s chances of topping the weekly NFT sales are slim. Nevertheless, this development has been a testament to Bitcoin’s evolving role and potential in the NFT marketplace, highlighting the ever-changing and competitive nature of the crypto asset space.