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Bitcoin leads NFT market with surge in BRC-20 token sales By Investing.com – Crypto News

Investing.com  |  Editor Hari G

Revealed Nov 21, 2023 11:02AM ET

Within the newest developments throughout the cryptocurrency sector, Bitcoin has taken a big lead over Ethereum within the non-fungible token (NFT) market. Information from CryptoSlam signifies that Bitcoin’s NFT gross sales volumes have reached $16.94 million in simply someday, contributing to a weekly complete of $177 million, marking an 88% enhance. This surge is attributed to the rising recognition of SATS BRC-20 NFTs, that are at present probably the most sought-after collections on the Bitcoin community.

The resurgence in Bitcoin’s NFT market is essentially as a result of success of the Ordinals protocol, as reported by Dune analytics. The protocol has seen greater than 5.6 million inscriptions this November alone, suggesting a strong revival from what was beforehand termed as an NFT winter. This enhance in exercise has additionally been mirrored in transaction charges, the place Bitcoin has outpaced Ethereum. In response to Glassnode statistics from Monday, Bitcoin’s common transaction payment stood at $10.35, surpassing Ethereum’s $8.43. This means a big uptick in community exercise and curiosity in Bitcoin-based NFTs and sensible contracts performance.

Moreover, Bitcoin’s dominance within the NFT market is clear from its month-to-month gross sales figures, which amounted to $312 million in opposition to Ethereum’s $304 million. Notably, BRC-20 NFTs have topped the gross sales quantity rating with $83 million in transactions on Tuesday, overshadowing different outstanding collections such because the Bored Ape Yacht Membership, which reported $42 million in gross sales. The customer base for BRC-20 NFTs has expanded by 398%, showcasing a quickly rising curiosity amongst collectors and traders.

These developments underscore a shifting panorama throughout the cryptocurrency markets, the place Bitcoin isn’t solely seen as a retailer of worth or medium of change however can be gaining traction within the burgeoning NFT area — a realm that was predominantly led by Ethereum resulting from its early adoption of sensible contracts and assist for varied digital belongings and purposes. The elevated earnings for miners resulting from greater transaction charges additional spotlight the optimistic affect of this shift on varied stakeholders throughout the Bitcoin ecosystem.

This text was generated with the assist of AI and reviewed by an editor. For extra data see our T&C.

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Read More: Bitcoin leads NFT market with surge in BRC-20 token sales By Investing.com – Crypto News

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