Analytical firm CoinGecko has released a report on the most significant blockchain networks in terms of trading volume of non-fungible tokens (NFT) and summarized the NFT market for the year 2023.

Experts note that during this period, the turnover in the top ten blockchain networks amounted to $11.8 billion. This is 50% less than the NFT trading volume among the top eight blockchains in 2022, which amounted to $26.3 billion.

Ethereum continues to lead in terms of trading volume in the NFT market, maintaining a 72.3% share, equivalent to $8.54 billion. However, analysts highlight a narrowing gap between Ethereum and other blockchains.

In 2023, Bitcoin took second place in terms of NFT market trading volume, holding a 12.9% market share with a turnover of $1.5 billion. This growth is largely attributed to the emergence of "Bitcoin NFTs," which became popular within the crypto community.

It's important to note that in December 2023, Bitcoin even surpassed Ethereum in NFT trading volume, accounting for 42.1% of the total volume, thanks to user activity on the Ordinals protocol. Ethereum's share gradually declined for most of the year.

Solana ranked third in CoinGecko's report with a market share of 7.4%. Analysts note that the blockchain reached its peak turnover in December 2023 when trading volume exceeded $360 million.

According to CoinGecko's data, Solana's metrics grew by 541% from the third to the fourth quarter of 2023, increasing from $70 million to $450 million. Only Avalanche and Bitcoin showed similar growth rates on a quarterly basis.