NFT sales on Bitcoin drops by 62% in monthly figures

The non-fungible token (NFT) market has displayed promising signs over the past 24 hours, with sales volume increasing by 12.5% to $34,820,790, according to CryptoSlam data. This surge is accompanied by a collective rise of 3%–8% in the number of buyers, sellers, and overall transactions, indicating a vibrant and active NFT ecosystem.

Leading the charts in terms of sales volume is LockDealNFT, making headlines as the top performer of the day with an extraordinary surge of 3,223%. In comparison, the second-best performer, Froganas, has seen a respectable 59% increase in sales volume.

The dynamics of various blockchains are also noteworthy, particularly the contrasting fortunes of Bitcoin and Solana. Bitcoin has experienced a 12% decline, settling at $7.4 million, while Solana has surged 2% to $8.7 million. This shift has significantly widened the gap between these two blockchain giants, marking an interesting development in the ongoing competition between them. Meanwhile, Ethereum continues to dominate with a sales volume of $9.5 million, maintaining its top position.

In the realm of NFT news, a substantial decline has been observed in monthly NFT sales on the Bitcoin network, plummeting by 61.6% to $330,737,889, as reported by CryptoSlam. Transaction volume has also taken a hit, experiencing a 49% decrease with 245,510 transactions recorded over the past month.

Comparing the months of December and January provides a comprehensive understanding of the decline, with sales volume dropping from $868,974,031 to $330.7 million. Unique buyers decreased from 110,235 to 75,842, while unique sellers dropped from 98,283 to 65,203. The decline is further emphasized by the fact that December recorded double the number of transactions compared to January, with a total of 484,556.

Shifting focus to Bitcoin-specific NFT initiatives, the highly anticipated Taproot Wizards’ Bitcoin Ordinals NFT sale featuring Quantum Cats faced a temporary setback due to technical issues. The minting process, initially scheduled for January, has been rescheduled to February 1, with an extended whitelist phase to accommodate users in different time zones.

In another intriguing development, the team behind the popular Pudgy Penguins collection has announced the opening of licensing for its second chapter, named Pudgy Toys. Owners of Pudgy Penguins and Lil Pudgy now have a two-week window to submit their NFTs for consideration in the licensing program. Successfully accepted participants not only get the chance to turn their digital penguins into physical toys but also gain the ability to grant licenses to well-known brands for product or media incorporation.

To add a layer of utility and incentive, Pudgy Penguins has introduced Pudgy Rods as multipliers for licensing deals. If both the Penguin and the Rod are in the same wallet, this automatically applies and is calculated during the payout process. The team emphasized that submitting an NFT for selection doesn’t guarantee automatic inclusion, but it opens up exciting possibilities for owners looking to bring their virtual assets into the physical realm.