Ethereum Dominates NFT Market, Shattering Sales Records with $10 Million Daily

Ethereum dominates the non-fungible token (NFT) market, reaching sales of US$10 million, a 0.14% increase over the past 24 hours. With all-time sales volume at US$43.45 billion, it leads the sector in total sales. Bitcoin, previously in second place, saw a 17.39% decline in sales, dropping it out of the top spot.

Ethereum Dominates NFT Market with Record-Breaking Sales

New York City, March 22, 2024 - Ethereum, the second largest cryptocurrency by market capitalization, has solidified its position as the undisputed leader in the non-fungible tokens (NFT) market, surpassing the $10 million mark in daily sales. Data from CryptoSlam, a leading NFT tracking platform, indicates that Ethereum's 24-hour sales have surged by 0.14%, reaching $10,014,532 as of 12 p.m. EST on Tuesday.

Ethereum's dominance in the NFT market is further underscored by its all-time sales volume, which stands at $43.45 billion, a testament to the platform's unwavering popularity among NFT enthusiasts. Notably, the $10 million milestone marks a significant increase in Ethereum's daily sales volume compared to the previous day.

In contrast, Bitcoin, the world's largest cryptocurrency, has experienced a decline in sales, dropping from the top spot to second place. Sales of Bitcoin-based NFTs witnessed a sharp 17.39% decrease on Tuesday, totaling $8,154,987. This decline has pushed Bitcoin's all-time sales volume down to $3 billion, solidifying its fourth-place position in the NFT market.

Notably, Bitcoin is rapidly catching up to Ronin, an Ethereum-based sidechain known for its affordability and speed. Ronin's all-time sales volume currently stands at $4.26 billion, slightly ahead of Bitcoin's $3 billion mark. It is worth mentioning that Ronin experienced a significant boost in sales volume in March, adding $2.4 billion to its total, fueled by the popularity of Axie Infinity, a play-to-earn NFT game.

Meanwhile, Bitcoin has also made significant strides, increasing its total sales volume by $1.1 billion in the first three months of 2024. Last month alone accounted for a half-billion-dollar boost in Bitcoin's NFT sales.

In third place, Solana, a blockchain platform known for its high throughput and low transaction fees, reported a significant 43.13% increase in sales on Tuesday, reaching $7,575,329. Solana's all-time sales volume currently stands at $5.32 billion, securing its second spot in the historical rankings.

Mythos, a blockchain platform specializing in NFTs and in-game items, ranked fourth on Tuesday, with its sales declining by 8.39% to $1,123,456. While its overall sales performance was negatively impacted by the decrease, Mythos's wash sales, which involve the repeated buying and selling of an NFT between two accounts, increased by a significant 56.47%.

DMarket, a platform that facilitates NFT trading for in-game items, was unable to replicate its success from yesterday, when it led all NFT collections in sales volume. DMarket's sales declined by 10.8% on Tuesday, falling to $1,073,456.

The surge in NFT sales on Ethereum and other blockchain platforms highlights the growing popularity of digital collectibles and the potential of blockchain technology to revolutionize the art and collectibles industry. As the NFT market continues to evolve, Ethereum is poised to maintain its leading position, offering a robust and reliable platform for NFT trading and innovation.