UpdatesDec 12, 2023

Ethereum is no longer the leader in the NFT market. A surprising change in the balance of power

Considerable interest in non-fungible token technology has led to significant changes in the cryptocurrency sector.

The broadly understood NFT market has been sending us subtle signals for some time that it is periodically trying to recover from the impact of the strong bear market that inevitably reached this sector. It is not difficult to quickly come to the conclusion that the prices of top tokens from key collections are still significantly away from the levels of the glory days, which ended around the first quarter of 2022. Despite this pessimistic fact, a certain change in the balance of power in this innovative sphere can be noticed. It is worth adding that so far, the Ethereum blockchain has been the network where non-fungible tokens were traded most frequently. In the end, however, Ethereum had to hand over the leadership position to its long-time competitor, Bitcoin.

NFT trade is booming, but on a different blockchain

Built, among others, by the popular programmer Vitalik Buterin, the Ethereum blockchain has for a long time been associated primarily with the fact that it is the cyberspace where by far the most non-fungible tokens (NFTs) are minted and where the highest trade rate in terms of turnover volume takes place.

Recently, however, a revolutionary change took place, which led to BTC taking first place in terms of volume in the last 7 days.

Latest data from the NFT market

The latest data from the platform analyzing turnover volumes in the NFT sector shows that during the week Ethereum decreased by 3.72%, while tokens minted using the Ordinals protocol in the BTC network contributed to an increase by as much as 22.47 %, which led to this network ranking in first place.

Finally, it is worth adding that the weekly volume here reached USD 101.3 million. In the case of the Ethereum protocol, it is USD 95.1 million. In third place, without any surprise, was Solana, which recorded a strong jump of 55% over the last week, and the trading volume of non-fungible tokens amounted to USD 66 million.