From December 10 to 17, there was a significant increase in the trading of non-fungible tokens (NFTs) on leading blockchains, reaching the highest weekly volume of the year, according to The Block. This growth followed a period of relative calm in the NFT sector, where trading volumes remained stable for most of the year.
In November, NFT trading volumes increased by 198% compared to the previous month, reaching $918 million. This was comparable to the figures in March, when the total sales volume was $931 million. According to CryptoSlam, from March to October, trading volumes fell by 67% due to an overall market downturn and decreased interest in digital collectibles.
In December, the Bitcoin (BTC) network surpassed Ethereum (ETH) in NFT sales volume, thanks to the popularity of so-called Inscriptions (ordinal inscriptions) or ordinals. Of the total NFT sales volume of $516 million from December 10 to 17, Bitcoin accounted for $305.44 million. Over the last 30 days, NFT sales volume on the Bitcoin network increased by 161%, reaching $695 million. Meanwhile, NFT sales on the Ethereum network grew by only 9%, totaling $382 million, despite Ethereum leading in the number of buyers and sellers.
Last week, several blockchains recorded a surge in activity around ordinals, leading to a rise in transaction fees to a multi-month high. According to Dune Analytics, on December 16 alone, users creating ordinal inscriptions on the Bitcoin network paid a total of $10 million in fees.
This growth in the NFT and decentralized application sectors indicates a renewed interest in digital assets and may signal a pre-New Year's rally in the market.
