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Bitcoin and Solana had something significant in common last week; they both saw their NFT sales volume
flip Ethereum’s in the Blockchain Rankings. Something once thought impossible has now become a nearly daily occurrence, and it shows that NFT traders are more willing than ever to become chain agnostic. The cross-chain NFT market hit a 2023 high in sales volume last week which is not entirely shocking if you've
been following the market. But the fact that the market would have hit the year’s high without any Ethereum volume sure is. That’s right, these days the NFT market is being driven by Bitcoin and Solana in a major way, and together they’re pushing the market to fresh new highs.
NFT sales hit $572.49m last week, smashing 2023’s previous high of $343.94m in late February. Not only would the market still have broken the year’s high without Ethereum’s $87.36m, but Bitcoin beat it all on its own with its $360.4m in sales.
Last week’s milestone wasn’t just the year’s high, though. It was also the highest we’ve seen in 83 weeks, back when NFTs traded for over $680.45m on the week of May 9, 2022.
Trade profits hit an 84-week high with traders seeing $32.05m in gains last week. The week of May 2 2022 was the last time profits were higher, during the all-time peak of the NFT market. In that week traders saw $62.06m in
profits. We also saw 2.6m transactions last week, a 17-week high, and driving those transitions were 349,736 unique buyers, the highest recorded since 410,122 on the week of Feb 27. It’s not your typical NFTs that are moving in this recent hot market. In fact, as evident by Ethereum’s lack of impact, traditional PFPs are struggling to find their footing. Instead, the newer trend of semi-fungible tokens like Bitcoin’s BRC-20s and Solana’s hot SPL-20s is beginning to take over the NFT ecosystem. These meme coin bundles that are traded as NFTs now make up a huge percentage of NFT trading volume on Bitcoin and a quickly growing portion of Solana’s. Right now, only 2 of Bitcoin’s top 50 NFT collections are traditional Ordinals collections (Bitcoin Frogs and the general Ordinals collection), while the other 48 are all semi-fungible BRC-20s.
On Solana, 14 of the top 50 NFT collections are SPL-20s, but bubbling up behind the top 50, we see dozens of SPL-20s collections trading for thousands of dollars each last week. As more money flows into the Solana ecosystem, and its young defi ecosystem grows, we just might see these meme coins overtake PFP sales there as
well. Ultimately, BRC-20s and SPL-20s’ time may pass, but their underlying tech, inscriptions, are opening a new playground for blockchain builders to play in. Whatever they inscribe next, if it’s unique and on-chain, you can be sure we’ll be tracking it. - BRC-20s are dominating the NFT Collection Rankings, as 8 of the top 10 NFT collections feature semi-fungible assets (fungible assets backed by an NFT), together trading for over
$162m.
- The general Ordinals collection which contains over 24 million NFTs saw a 282% increase in sales volume this week with $27.6m in
sales.
- Bitcoin Frogs are the top PFP collection this week, trading for over $13.4m on secondary, and hitting a floor price of over .5 BTC last weekend.
- Bitcoin is the king of blockchains both in crypto and now in NFTs. Its $404m in sales was a 253% increase
from last week, and Bitcoin saw more sales volume than every other blockchain combined.
- Solana also had a massive week of sales, flipping Ethereum, and proving that NFT traders are more willing than ever to explore non-EVM blockchains. On Dec 15 Solana’s $28.96m in sales
reflected the best single day of sales since $31.06m on Oct 4, 2021.
- Ethereum, while still seeing significant sales, is being outperformed on nearly a daily basis by Bitcoin and Solana. Sales in the past 7d are down 13.82%, as Ethereum NFTs traded for
just over $83.88m.
- Major hacks across the NFT ecosystem were the story of the past week. First a reported compromise of Ledger and Revoke. Cash led
to traders pausing their trading, and then NFT Trader and Flooring
Protocol users' assets were compromised this past weekend. Millions of dollars worth of NFTs were stolen, and the attack was only stopped when a 16-year-old discovered the way to stop the
exploit.
- Donald Trump released a new NFT collection called the Mugshot Edition. Buyers of 47 NFTs get dinner with Trump at his Mar-a-Lago home, and a physical piece
of the suit he wore in his now infamous mug shot.
- Proof’s Grails announced their Season V lineup of artists. Like each previous series, it includes some of the top NFT artists in the world and even the iconic comic book artist Frank Miller.
- Overworld Incarna and Warlords Champions are two of the hottest NFT collections on Ethereum right now, both being new mints from the past week. Overworld went from a .1 ETH mint price to now having a floor price of over 2 ETH. Warlords Champions by Ubisoft was a free mint that sold out in an instant and traded for over $2.1m on secondary, and now has a floor price of .25 ETH.
- Solana’s Tensorians and MadLads are the top 2 collections on Solana this week. Tensorians saw over $7.1m in sales volume
and Mad Lads over $3.9m. They were the top 2 Solana collections in the past week.
- Gordon Goner grabbed his first-ever Solana NFT this week, picking up a BoDoggo, which sent sales in the collection soaring. The collection has traded for over $1.9m in the past 7 days and currently has a floor price of over 13 $SOL.
While the NFT market is still seeing strong performance, the value of the market has seen a steady decline over the past seven days. The Forkast 500 NFT Index is reflecting at -1.67% loss of value, which many expected following Art Basel last week. The past week’s major platform hacks that led to millions worth of NFTs
being stolen have made traders extra cautious, now second-guessing connecting their wallets to even reputable platforms.
Most are hoping for a rebound sooner rather than later, and if not this year, the expectation is for our expected January boom.
Have a MEGA GM! Collect Trump Cards - Mugshot Edition Date - Dec 19
Blockchain - Polygon
Price - $99 Disney Pinnacle - Toy Story Vol. 1
Date - Dec 19
Blockchain - Flow Price - TBA Bjorn Stall - Immaterial Date - Jan 3 Blockchain - Ethereum
Price - Dutch Auction
Marvel - X-Men #4
Date - Dec 21 Blockchain - ImmutableX
Price - $6.99 |
SPL-20s are a new type of standard on Solana that allows for the creation of fungible tokens. Right now these tokens are exploding on Solana, thanks to users inscribing bundles of these tokens, and then trading them via an NFT. The new SPL-20 craze is just getting started, so make sure to learn about the tech
that is taking the Solana blockchain by storm.
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