Bitcoin Dominates December NFT Trading Volume, CoinGecko Reports

In 2023, the turnover of non-fungible tokens (NFTs) across the top ten networks fell by 55.1% to $11.8 billion. Of this, 72.3% ($8.54 billion) was associated with NFTs on Ethereum, according to CoinGecko.

DID YOU KNOW: #Bitcoin was the biggest NFT chain in December 2023, with $0.81 billion in trading volume, translating to a 42% dominance.

Read on to find out which other blockchains made it to the top 10 list. ⬇️https://t.co/2w6GGW1HYE

— CoinGecko (@coingecko) February 14, 2024

In comparison, in 2022, the dominance of the second-largest cryptocurrency by market capitalization was 90%.

The decline favored Solana and digital gold. NFTs on Bitcoin surged to the forefront in December, capturing 42.1% of all trading activity compared to 34.6% for NFTs on Ethereum.

The share of non-fungible tokens on the blockchain of the second-largest cryptocurrency by market capitalization decreased throughout the year—from 87.7% in January. A surge in interest from October to December, which resulted in a 33% increase in trading volume, did not alter the situation.

Compared to the third quarter, NFT turnover on Bitcoin increased by 1495%—from $0.08 billion to $1.2 billion.

Overall, the share of non-fungible tokens on the digital gold blockchain in 2023 rose to 12.9% ($1.5 billion).

Solana secured third place in this ranking with a 7.4% share, significantly outpacing close competitors like Immutable X (2.3%) and Polygon (2.2%).

This was made possible by activity in December, when trading volume soared to $0.36 billion, leading to a market share increase to 18.7%. In previous months, the figure did not exceed $0.1 billion. Overall, for the fourth quarter, turnover jumped by 541%—from $0.07 billion to $0.45 billion.

The relative growth of Avalanche (1508%) was almost three times higher than that of Solana. Due to a low base, NFTs issued on this network accounted for only 0.3% of the market by the end of the year.

In February, Binance launched a marketplace for Bitcoin inscriptions, BRC-20 tokens, and similar assets in EVM networks. Earlier, OKX had made a similar move.

In January, NFT marketplace Magic Eden, in collaboration with Exodus Wallet, launched a non-custodial wallet supporting Ethereum, Polygon, Solana, as well as Ordinals and BRC-20.

In December, the Ordinals boom drove Bitcoin fees to record levels.