When NFTs first burst onto the scene, Ethereum dominated the market with a significant wave. However, as time passed, NFTs began to spread across various networks, resulting in shifts in market leadership. Solana briefly took the lead at one point, but Ethereum quickly reclaimed its position as the top player in the NFT sector. Recent months, however, have seen a shift in this dynamic, with Bitcoin emerging as the new leader, surpassing Ethereum in the NFT space.
Bitcoin NFTs are now making a strong comeback, with a remarkable 55.42% increase propelling it ahead of Ethereum in total sales, reaching an impressive $49.74 million. Despite this surge, there are concerns about wash trading, which artificially inflates volumes, seeing a 15.39% rise to $39,000. This calls into question the legitimacy of some trades, despite the drop in active buyers by 96% to only 2,056 addresses.
Ethereum, once the frontrunner, still trails behind Bitcoin with $35 million in NFT sales, showing a slight decline of 0.31% from the previous week. Despite having more active users than Bitcoin, Ethereum experienced a significant 56.33% decrease in active users compared to the previous week.
In addition to Bitcoin and Ethereum, other networks also saw notable developments. Polygon saw a 29.43% increase in sales, reaching $19.63 million, while Solana, a former market dominator, also experienced growth, reaching $18.225 million in sales.
Despite the rising interest in Bitcoin NFTs, the number of active addresses on the Bitcoin network has seen a noticeable decline. According to data from Santiment, the number of active addresses conducting transactions on the Bitcoin network dropped from 1.17 million to 613,000 in the last 30 days. This decrease could impact miners negatively, affecting their revenues and potentially leading them to sell assets to maintain profitability, which could, in turn, influence BTC prices.
