{"id":10699,"date":"2024-02-14T15:19:18","date_gmt":"2024-02-14T13:19:18","guid":{"rendered":"https:\/\/forklog.com\/en\/bitcoin-dominates-december-nft-trading-volume-coingecko-reports\/"},"modified":"2024-02-14T15:19:18","modified_gmt":"2024-02-14T13:19:18","slug":"bitcoin-dominates-december-nft-trading-volume-coingecko-reports","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bitcoin-dominates-december-nft-trading-volume-coingecko-reports\/","title":{"rendered":"Bitcoin Dominates December NFT Trading Volume, CoinGecko Reports"},"content":{"rendered":"<p>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.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">DID YOU KNOW: <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> was the biggest NFT chain in December 2023, with $0.81 billion in trading volume, translating to a 42% dominance.<\/p>\n<p>Read on to find out which other blockchains made it to the top 10 list. \u2b07\ufe0f<a href=\"https:\/\/t.co\/2w6GGW1HYE\">https:\/\/t.co\/2w6GGW1HYE<\/a><\/p>\n<p>\u2014 CoinGecko (@coingecko) <a href=\"https:\/\/twitter.com\/coingecko\/status\/1757570352941838702?ref_src=twsrc%5Etfw\">February 14, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In comparison, in 2022, the dominance of the second-largest cryptocurrency by market capitalization was 90%.<\/p>\n<p>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.<\/p>\n<p>The share of non-fungible tokens on the blockchain of the second-largest cryptocurrency by market capitalization decreased throughout the year\u2014from 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.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/1-917.webp\" alt=\"1-917\" class=\"wp-image-226073\"\/><figcaption class=\"wp-element-caption\">Data: CoinGecko.<\/figcaption><\/figure>\n<p>Compared to the third quarter, NFT turnover on Bitcoin increased by 1495%\u2014from $0.08 billion to $1.2 billion.<\/p>\n<p>Overall, the share of non-fungible tokens on the digital gold blockchain in 2023 rose to 12.9% ($1.5 billion).<\/p>\n<p>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%).<\/p>\n<p>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%\u2014from $0.07 billion to $0.45 billion.<\/p>\n<p>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.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/2-717.webp\" alt=\"2-717\" class=\"wp-image-226074\"\/><figcaption class=\"wp-element-caption\">Data: CoinGecko.<\/figcaption><\/figure>\n<p>In February, Binance<a href=\"https:\/\/u1f987.com\/en\/news\/binance-launches-marketplace-for-bitcoin-inscriptions-and-their-equivalents\"> launched<\/a> a marketplace for Bitcoin inscriptions, BRC-20 tokens, and similar assets in EVM networks. Earlier, OKX had made a similar move<a href=\"https:\/\/u1f987.com\/en\/news\/okx-expands-support-for-ordinals-equivalents-across-four-networks\">.<\/a><\/p>\n<p>In January, NFT marketplace Magic Eden, in collaboration with Exodus Wallet,<a href=\"https:\/\/u1f987.com\/en\/news\/magic-eden-launches-wallet-supporting-bitcoin-ethereum-and-solana\"> launched<\/a> a non-custodial wallet supporting Ethereum, Polygon, Solana, as well as Ordinals and BRC-20.<\/p>\n<p>In December, the Ordinals boom drove Bitcoin fees to record levels.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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% [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10698,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1098,46,1213,1176,1252,1159],"class_list":["post-10699","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-coingecko","tag-ethereum","tag-nft","tag-ordinals","tag-reports","tag-solana-sol"],"aioseo_notices":[],"amp_enabled":true,"views":"24","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/10699","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=10699"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/10699\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/10698"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=10699"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=10699"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=10699"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}