Bitcoin Becomes 2nd Largest Chain in NFT Trading Volume

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The previous week saw a surge in user activity in the NFT market, with total trading volume reaching $306 million over the course of seven days. Data from CryptoSlam revealed a 17.66% increase in digital collection transactions during this time period.

Two major blockchains, Bitcoin and Ethereum, experienced significant growth in NFT trading. Bitcoin saw a rise in NFT transaction volume, reaching second place with $70.96 million in completed trades.

Ethereum took the top spot with $145.913 million in transactions for holders of tokenized collections. In third place was Solana with $48.81 million in NFT trading volume for the week.

According to Block Research, the marketplace dominance of Blur has surpassed 78%, while OpenSea’s share has decreased to 18.7%.

On average, there is a daily trading volume of around $15 million for NFTs on Bitcoin. The Magic Eden and OKX marketplaces are responsible for the majority of these transactions.

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