Bitcoin NFT Sales Drop 48%, Now Below Ethereum

Todaysgist.com, Jakarta – A massive drop occurred in NFT sales on the Bitcoin blockchain, causing it to be overtaken by Ethereum. According to data from CryptoSlam, there was a drop of more than 48%, bringing the total value of NFT sales to less than $107 million in 30 days.

Furthermore, there was also a 15% drop in the number of NFT transactions taking place on the network to less than 130,000. The number of buyers also decreased by 45%, dropping to 5,660, while the number of sellers dropped to 5,337, indicating a 46% decrease.

While the Ethereum network hasn't seen a massive increase in NFT sales, it's doing better than Bitcoin right now.

In the last 30 days, there have been over $150 million worth of NFT sales on the blockchain. In addition, it still leads in weekly sales with over $38 million, while Bitcoin is in 4th place with $15 million in sales.

According to Crypto Newsbytes, Sunday (7/7/2024), the recent decline in Bitcoin NFT sales coincides with the poor performance of the top cryptocurrency, Bitcoin (BTC). Over the past few months, Bitcoin has continued to underperform despite promises of an approved ETF.

According to data from CoinMarketCap, Bitcoin has fallen more than 5% in the past seven days to $58,000. In one month, there was a decline of more than 17%, while the three-month data is even worse with a loss of more than 13%. Meanwhile, several NFTs are behind the recent movement of the Ethereum network to the top of NFT sales. Among them is the Pudgy Penguins NFT.