Blur

Bitcoin

Pine

<p>Quick take:</p> 
<ul> 
 <li>Bitcoin Ordinals dominated NFT sales in the past seven days with $367 million.</li> 
 <li>Solana-based NFTs are also gaining traction amid the low gas fees for minting compressed NFTs.</li> 
 <li>OKX NFT Marketplace topped NFT sales over the past 24 hours with more than $45 million.</li> 
</ul> 
<p>The NFT market has experienced a resurgence in activity over the past 30 days, with sales up nearly 85%. According to CryptoSlam data, the global NFT market sales exceeded $1.4 billion over the last 30 days, with over 404k buyers and 326k sellers.</p> 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/_oK3ONp_a3OIXWzrIcLmfok021UlcO5ciYjC2x8u9ECYsz-n_KW2qYgWHSiPWa_9VCgUT1MabFdxwD7cZB38BTHxbN1I1V4bfm3hDpBx1XVWizcSfB7sCe_dtYHlsD5upVhjqo6cwIMNzPqyyiS0NLI" alt="">
 <figcaption class="wp-element-caption">
  Source: CryptoSlam
 </figcaption>
</figure> 
<p>This growth has largely been driven by a resurgence in Bitcoin Ordinals, while the growing popularity of Solana-based compressed NFTs has boosted the number of NFTs sold on the layer-1 blockchain.</p> 
<h2 id="solana" class="wp-block-heading">Solana</h2> 
<p>The Solana-based NFTs have gained more traction over the past few months amid the rising popularity of compressed NFTs (cNFTs).</p> 
<p>According to data by Pine Analytics, over 90 million cNFTs have been minted since inception, representing more than 72% of NFTs minted on the platform.&nbsp;</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">3/ Remarkably, over 90 million cNFTs have been minted since their inception. <br><br>They represent over 72% of all NFTs minted on the platform, indicating a major shift in the digital collectible world. <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4ca.png" alt="📊" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/3DNcKcNszN">pic.twitter.com/3DNcKcNszN</a></p>— Pine Analytics (@PineAnalytics) <a href="https://twitter.com/PineAnalytics/status/1736118938902098352?ref_src=twsrc%5Etfw">December 16, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Launched in March 2023, <a href="https://www.alchemy.com/overviews/compressed-nfts" target="_blank" rel="noreferrer noopener">Compressed NFTs</a> use the Solana ledger to store and handle data off-chain, thus minimizing storage costs. This essentially results in lower minting fees, which create a range of new use cases, especially those that rely on lower gas fees to be economically feasible.</p> 
<p>The introduction of compressed NFTs on Solana’s largest NFT marketplace Tensor has helped the platform to rapidly capture 10-40% of the weekly NFT sales on the platform, but still account for less than 1% of weekly sales volume amid their low pricing compared to regular <a href="https://www.nftgators.com/what-is-an-nft/">NFTs</a>.</p> 
<p>The buzz around the Solana blockchain was also boosted by the recent spike in the price of its meme token BONK. Last week, the $BONK token price increased by more than 100% amid the surge in <a href="https://www.nftgators.com/solana-launches-web3-android-phone-for-secure-nft-transactions-and-management/">Solana Saga</a> Phone sales.</p> 
<p>Solana Mobile phone sales had stalled significantly since launch but increased rapidly last week after the company offered 30 million to those who own the phone.&nbsp;</p> 
<h2 id="bitcoin-ordinals" class="wp-block-heading">Bitcoin Ordinals</h2> 
<p>The Bitcoin Ordinals buzz has reignited activity in the NFT market, dominating sales in the past seven days. According to CryptoSlam data, Bitcoin Ordinals NFTs generated a transaction volume of $367 million, four times the number generated by the second blockchain, Solana which had $91 million.&nbsp;</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Blockchains by 7-day NFT sales volume<br><br>– Bitcoin: $367M (0.02% wash)<br>– Solana: $91M (1.62% wash)<br>– Ethereum: $91M (53.76% wash)<br>– Polygon: $11M (61.33% wash)<br>– Immutable: $5M<br><br>Data by <a href="https://twitter.com/cryptoslamio?ref_src=twsrc%5Etfw">@cryptoslamio</a> <a href="https://t.co/kHMF7Cosvb">pic.twitter.com/kHMF7Cosvb</a></p>— NFTgators 
   <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f40a.png" alt="🐊" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@NFTgators) <a href="https://twitter.com/NFTgators/status/1736715176198484285?ref_src=twsrc%5Etfw">December 18, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>There could be many explanations for this resurgence in interest, with the growing likelihood of the SEC approving Spot Bitcoin ETF applications as a possible catalyst.&nbsp;&nbsp;</p> 
<p>Some of the top projects on Bitcoin have also recently announced significant funding rounds as they bid to grow the ecosystem. In November, the Ordinals project <a href="https://www.nftgators.com/ordinals-project-taproot-wizards-secures-7-5m-led-by-standard-crypto/">Taproot Wizards raised $7.5 million</a> in a round led by Standard Crypto.</p> 
<p>The company said it wants to bring back the culture of building on Bitcoin as part of a campaign to put the Bitcoin blockchain on the same level as the likes of Ethereum and Solana.</p> 
<p>At the end of November, Polychain-backed <a href="https://www.nftgators.com/toniq-labs-launches-bioniq-bitcoin-nft-marketplace/">Toniq Labs launched the Bioniq NFT marketplace</a> on Bitcoin as part of an initiative to the process of buying and selling Bitcoin NFTs.</p> 
<p>Last week, <a href="https://www.nftgators.com/metagood-secures-5m-seed-round-for-bitcoin-ordinals-marketplace-osura/">Metagood raised $5 million</a> in a seed round led by Sora Ventures to advance the Osura marketplace in the Bitcoin ecosystem.</p> 
<h2 id="okx-nft-marketplace" class="wp-block-heading">OKX NFT Marketplace</h2> 
<p>OKX NFT seems to be the first marketplace to benefit from the resurgence in Bitcoin Ordinals. The platform generated more than $45 million in transaction volume over the past 24 hours surpassing popular platforms Blur, OpenSea and Magic Eden.</p> 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/J8QOvT4Hekz44KCDHbJO5iGhj7Q4xegPSej1yUwVmsDZj3JGZKI7c8PIv5P8eiwT4SVDv4TuGgH-UnLYeFQ8Kt_pUlioyH71h7El0PlNlS5x0tKpGzcSgXTUHyuOt5fUcI-amyhKd5AWE2_oYGBqunM" alt="">
 <figcaption class="wp-element-caption">
  Source: DappRadar
 </figcaption>
</figure> 
<p>According to data by DappRadar, the closest OKX NFT’s significant tally was Blur with $13.6 million, while Magic Eden generated $7.55 million. OpenSea stood at a distance fifth with $3.14 million.</p> 
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<p>The post <a href="https://www.nftgators.com/nfts-are-dead-recent-data-shows-a-new-lease-on-life/">NFTs Are Dead? Recent Data Shows a New Lease on Life</a> appeared first on <a href="https://www.nftgators.com">NFTgators </a>.</p>

NFTs Are Dead? Recent Data Shows a New Lease on Life

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