{"id":366658,"date":"2024-01-30T05:00:31","date_gmt":"2024-01-29T23:30:31","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=366658"},"modified":"2024-01-29T17:29:32","modified_gmt":"2024-01-29T11:59:32","slug":"bitcoin-nfts-plummet-over-60-after-december-boom","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoin-nfts-plummet-over-60-after-december-boom\/","title":{"rendered":"Bitcoin NFTs fall by 60% after December boom"},"content":{"rendered":"<ul>\n<li><em><span style=\"font-weight: 400;\">2024 has seen a decrease in NFT activity on the Bitcoin network.<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Due to low activity, there has been a decline in demand for blockspace by Inscriptions.<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Monthly NFT sales volume on the <a href=\"http:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\" target=\"_blank\" rel=\"noopener\">Bitcoin [BTC]<\/a> network plummeted by over 60% in January following December&#8217;s record-breaking highs, data from <\/span><a href=\"https:\/\/www.cryptoslam.io\/blockchains\/bitcoin\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">CryptoSlam<\/span><\/a><span style=\"font-weight: 400;\"> showed.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Data from the NFT analytics platform showed that the Bitcoin network outpaced <a href=\"http:\/\/ambcrypto.com\/predictions\/ethereum-price-prediction\" target=\"_blank\" rel=\"noopener\">Ethereum [ETH]<\/a> as the blockchain with the highest NFT sales volume in December 2023. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">While NFT sales volume on the former totaled $881 million, the latter recorded a sales volume of $353 million.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In November of the same year, NFT sales on the Ethereum network fell behind that of the Bitcoin network by almost 10%. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This marked the first time in history that the latter would record a higher monthly sales volume than the former.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, with a decline in NFT trading activity on the Bitcoin network this month, its sales volume has fallen behind Ethereum.\u00a0 <\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to data from CryptoSlam, with two days till the end of January, NFT sales transactions worth $314.2 million have been conducted on Bitcoin. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">On the other hand, Ethereum has registered a sales volume of $328.4 million in the last 28 days.\u00a0<\/span><\/p>\n<h4><b>Goodbye Ordinals?<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">AMBCrypto <\/span><a href=\"http:\/\/ambcrypto.com\/bitcoin-beats-ethereum-in-nft-sales-again-details-here\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">reported<\/span><\/a><span style=\"font-weight: 400;\"> earlier that the surge in NFT activity on the Bitcoin network in November and December 2023 was primarily driven by the general increase in interest in inscriptions and Ordinals on the blockchain.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This manifested in the high fees users paid to mint inscriptions on the blockchain. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">For example, on the 10th of December 2023, the chain recorded a single-day high fee of $10 million as total transaction fees paid to mint inscriptions on the network.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, with the year so far marked by a decline in interest in this digital asset class, there has been a corresponding dip in the fees spent daily to mint inscriptions.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to data from a Dune Analytics dashboard by <\/span><a href=\"https:\/\/dune.com\/dataalways\/ordinals\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Data Always<\/span><\/a><span style=\"font-weight: 400;\">, minting fees peaked at $5 million on the 14th of January and have since declined by 83%.\u00a0 <\/span><\/p>\n<p><span style=\"font-weight: 400;\">As of the 28th of January, inscription minting fees totaled $848,000.<\/span><\/p>\n<figure id=\"attachment_366659\" aria-describedby=\"caption-attachment-366659\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-29-at-07.24.34.png\"><img decoding=\"async\" class=\"size-full wp-image-366659\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-29-at-07.24.34.png\" alt=\"\" width=\"2560\" height=\"893\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-29-at-07.24.34.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-29-at-07.24.34-300x105.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-29-at-07.24.34-1024x357.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-29-at-07.24.34-768x268.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-29-at-07.24.34-1536x536.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-29-at-07.24.34-2048x714.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-366659\" class=\"wp-caption-text\">Source: Dune Analytics<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">As Inscription activity craters on the Bitcoin network, there has been a decline in the demand for blockspace for non-traditional transactions. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">AMBCrypto&#8217;s examination of Dune Analytics&#8217; dashboard showed that weekly demand for blockspace for Inscriptions on the blockchain has dropped by 33% since the year began.<\/span><\/p>\n<figure id=\"attachment_366661\" aria-describedby=\"caption-attachment-366661\" style=\"width: 1404px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-29-at-07.25.19.png\"><img decoding=\"async\" class=\"size-full wp-image-366661\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-29-at-07.25.19.png\" alt=\"\" width=\"1404\" height=\"788\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-29-at-07.25.19.png 1404w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-29-at-07.25.19-300x168.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-29-at-07.25.19-1024x575.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-29-at-07.25.19-768x431.png 768w\" sizes=\"(max-width: 1404px) 100vw, 1404px\" \/><\/a><figcaption id=\"caption-attachment-366661\" class=\"wp-caption-text\">Source: Dune Analytics<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In the last 28 days, NFT sales volume on the Bitcoin network has dropped by over 60%.\u00a0<\/p>\n","protected":false},"author":64,"featured_media":366663,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4029,4,20],"tags":[],"class_list":["post-366658","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-nft","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bitcoin NFTs fall by 60% after December 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