Bitcoin NFT Sales Hit $514 Million in March Following Highest Price Increase since May 2022
Bitcoin ended March recording $514 million as the total value of NFT sales for the month. At 12:30 p.m. EST on April 1, Bitcoin recorded a massive $9.8 million inflow in NFT.
The $524 million monthly sales made March the best month for Bitcoin NFT sales since December 2023, representing a 70% increase from the previous month.
Furthermore, data from CryptoSlam showed that the NFT prices on all blockchains are increasing. The average sale price has risen, attaining its highest level in almost two years.
Bitcoin NFT Sales Rising as Investors Embrace Ordinals
According to a March 11 post on X by MetaPath, the Bitcoin network’s NFT sales rose to $162 million, representing a 76% increase. The growth confirmed the Bitcoin Ordinals’ dominance and the rising interest of the general market in NFTs.
Also, the average NFT sale price in March was $175, the highest price recorded since May 2022.
Additionally, Bitcoin NFTs recorded the highest average sales last month since March 2023 at $1,918. Further, Bitcoin’s all-time sales volume exceeded the $3 billion milestone last week.
Comparatively, Ethereum recorded the second-highest sales volume behind Bitcoin on Monday, slightly over $9 million. However, its monthly volume declined by 11% in March to $489 million.
Notably, the average Ethereum NFT sold for $754 last month, its highest level since May 2022, when it rose to an average price of $2,222.
Solana occupies the third spot in top NFT sales despite a 14.72% decline in its daily sales on Monday to $5.5 million.
Solana recorded its most successful month for NFT sales in March 2024, with $216 million recorded as its monthly sales. This represents a 12.4% increase in NFT sales on the Solana blockchain from February 2024.
The average sale price of Solana-based NFTs moved above $100 for the first time since April 2023. Furthermore, the fourth-ranked blockchain by NFT sales was Mythos, which recorded an impressive increase of 27.08% and rose to $1.21 million in total sales.
Notably, DMarket, a collection of NFTs and in-game items on Mythos, was the top NFT collection, raking in $1.18 million.
So, DMArket and Ethereum-based NFT project Bored Ape Yacht Club were the only two projects that recorded up to $1 million in sales on Monday. These statistics prove that NFTs have become one of the top crypto trends in 2024 and will likely continue to record progress.
Top NFT Trends to Follow in 2024
Research from Coinpedia.org revealed three exciting trends that could change the NFT landscape in 2024. First is AI-curated NFT collections.
According to the report, artificial intelligence is now a handy tool for creating appealing NFT collections based on customer preferences. This trend could improve user engagement and become a significant focus for NFT lovers in 2024.
Secondly, Gaming Tokenization will give NFTs utility in the vast gaming world. Gaming is still the most critical sector where NFTs find practical applications. So, game lovers will continue to acquire NFTs, leading to sustained growth in the industry.
The final trend is DeFi NFT Integration. Remarkably, more NFTs are becoming integrated with DeFi systems. NFTs can be used as evidence for mortgage and other financial operations.
According to the research, these trends will be the high points for NFT development and adoption in 2024.
Source : The Tech Report / Apr 3, 2024
