{"id":572308,"date":"2024-01-30T18:00:05","date_gmt":"2024-01-30T18:00:05","guid":{"rendered":"https:\/\/wncen.com\/?p=572308"},"modified":"2024-06-11T07:05:46","modified_gmt":"2024-06-11T07:05:46","slug":"bitcoin-nft-bubble-bursts-values-plummet-60-after-holiday-frenzy","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-nft-bubble-bursts-values-plummet-60-after-holiday-frenzy\/","title":{"rendered":"Bitcoin NFT Bubble Bursts: Values Plummet 60% After Holiday Frenzy"},"content":{"rendered":"

The short-lived reign of Bitcoin as the leading NFT platform came to an end this month, with Ethereum reclaiming the top spot as NFT sales on the Bitcoin network plummeted over 60% compared to December’s record highs.<\/p>\n

Data from NFT analytics platform CryptoSlam reveals a stark reversal in fortunes.<\/a> After surpassing Ethereum in December with $881 million worth of NFT sales, Bitcoin’s January volume has sunk to $314 million as of two days before month-end. Meanwhile, Ethereum has maintained a steadier pace, registering $328 million in sales over the past 28 days.<\/p>\n

Bitcoin NFT Loses Its Appeal<\/strong><\/h2>\n

This shift can be attributed to the fading fervor surrounding Ordinals, a technology enabling inscriptions and non-fungible tokens directly on the Bitcoin<\/a> blockchain. The December surge in Bitcoin NFT activity was largely driven by Ordinals-related hype, leading to high fees for inscription minting. For instance, on December 10th, Bitcoin saw a single-day high fee of $10 million due to inscription transactions.<\/p>\n

\"\"Source: CryptoSlam<\/pre>\n
However, with the broader digital asset market facing turbulence, interest in Ordinals<\/a> has waned significantly. Minting fees have plummeted by 83% since peaking at $5 million on January 14th, now standing at just $848,000 as of January 28th. This decline reflects a drop in demand for blockspace for non-traditional Bitcoin transactions, further suggesting a diminished appetite for Ordinals-based NFTs.<\/p>\n
Related Reading: SUI Token Blasts Off: Blockchain Newcomer Hits $443 Million TVL, Enters Top 10<\/a><\/div>\n
\"\"Source: Dune Analytics<\/pre>\n
Ethereum, on the other hand, benefits from its established ecosystem and diverse functionalities. Its NFT landscape<\/a> encompasses a wider range of projects and applications compared to the nascent Ordinals scene on Bitcoin. This, coupled with the relative stability of the Ethereum network, likely contributed to its ability to retain user interest and NFT trading volume throughout December and January.<\/p>\n
BTC market cap currently at $854 billion. Chart: TradingView.com<\/a><\/pre>\n
NFT Landscape Shifts: Adaptability Crucial<\/strong><\/h2>\n
The rapid change in the NFT landscape highlights the need for adaptability and innovation within the industry. While Ordinals brought a novel use case to Bitcoin, its technical limitations and niche appeal may hamper its long-term sustainability. Conversely, Ethereum’s flexibility and established infrastructure position it well to adapt to evolving market trends and user preferences.<\/p>\n
Related Reading: ORDI: Extraordinary Price Movement Excites Investors \u2013 Here\u2019s Why<\/a><\/div>\n
Furthermore, the broader decline in digital asset class interest likely impacted both Bitcoin and Ethereum NFTs. However, Ethereum’s larger and more diverse user base, along with its established NFT ecosystem, suggest it may be better equipped to weather the current market downturn.<\/p>\n
The future of the NFT market remains uncertain, but one thing is clear: the landscape is constantly shifting, and players must be able to adapt to stay ahead of the curve.<\/p>\n
Featured image from Pixabay, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
The short-lived reign of Bitcoin as the leading NFT platform came to an end this month, with Ethereum reclaiming the top spot as NFT sales on the Bitcoin network plummeted over 60% compared to December’s record highs. Data from NFT analytics platform CryptoSlam reveals a stark reversal in fortunes. After surpassing Ethereum in December with $881 million worth of NFT sales, Bitcoin’s January volume has sunk to $314 million as of two days before month-end. Meanwhile, Ethereum has maintained a steadier pace, registering $328 million in sales over the past 28 days. Bitcoin NFT Loses Its Appeal This shift can be attributed to the fading fervor surrounding Ordinals, a technology enabling inscriptions and non-fungible tokens directly on the Bitcoin blockchain. The December surge in Bitcoin NFT activity was largely driven by Ordinals-related hype, leading to high fees for inscription minting. For instance, on December 10th, Bitcoin saw a single-day high fee of $10 million due to inscription transactions. Source: CryptoSlam However, with the broader digital asset market facing turbulence, interest in Ordinals has waned significantly. Minting fees have plummeted by 83% since peaking at $5 million on January 14th, now standing at just $848,000 as of January 28th. This decline reflects a drop in demand for blockspace for non-traditional Bitcoin transactions, further suggesting a diminished appetite for Ordinals-based NFTs. Related Reading: SUI Token Blasts Off: Blockchain Newcomer Hits $443 Million TVL, Enters Top 10 Source: Dune Analytics Ethereum, on the other hand, benefits from its established ecosystem and diverse functionalities. Its NFT landscape encompasses a wider range of projects and applications compared to the nascent Ordinals scene on Bitcoin. This, coupled with the relative stability of the Ethereum network, likely contributed to its ability to retain user interest and NFT trading volume throughout December and January. BTC market cap currently at $854 billion. Chart: TradingView.com NFT Landscape Shifts: Adaptability Crucial The rapid change in the NFT landscape highlights the need for adaptability and innovation within the industry. While Ordinals brought a novel use case to Bitcoin, its technical limitations and niche appeal may hamper its long-term sustainability. Conversely, Ethereum’s flexibility and established infrastructure position it well to adapt to evolving market trends and user preferences. Related Reading: ORDI: Extraordinary Price Movement Excites Investors \u2013 Here\u2019s Why Furthermore, the broader decline in digital asset class interest likely impacted both Bitcoin and Ethereum NFTs. However, Ethereum’s larger and more diverse user base, along with its established NFT ecosystem, suggest it may be better equipped to weather the current market downturn. The future of the NFT market remains uncertain, but one thing is clear: the landscape is constantly shifting, and players must be able to adapt to stay ahead of the curve. Featured image from Pixabay, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":572324,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,91286,1119,6664,82423],"class_list":["post-572308","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-nfts","tag-btc","tag-crypto","tag-nfts"],"acf":[],"yoast_head":"\nBitcoin NFT Bubble Bursts: Values Drop 60% After Holiday Frenzy<\/title>\n<meta name=\"description\" content=\"The short-lived reign of Bitcoin as the leading NFT platform came to an end this month, with Ethereum reclaiming the top spot as NFT sales on the Bitcoin\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin NFT Bubble Bursts: Values Plummet 60% After Holiday Frenzy","url":"http:\/\/wncen.com\/news\/bitcoin-nft-bubble-bursts-values-plummet-60-after-holiday-frenzy\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-nft-bubble-bursts-values-plummet-60-after-holiday-frenzy\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/a_0e15f1.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/a_0e15f1.png?fit=596%2C396"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin nfts","btc","crypto","nfts"],"dateCreated":"2024-01-30T18:00:05Z","datePublished":"2024-01-30T18:00:05Z","dateModified":"2024-06-11T07:05:46Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin NFT Bubble Bursts: Values Plummet 60% After Holiday Frenzy\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-nft-bubble-bursts-values-plummet-60-after-holiday-frenzy\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-nft-bubble-bursts-values-plummet-60-after-holiday-frenzy\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/a_0e15f1.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/a_0e15f1.png?fit=596%2C396\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin nfts\",\"btc\",\"crypto\",\"nfts\"],\"dateCreated\":\"2024-01-30T18:00:05Z\",\"datePublished\":\"2024-01-30T18:00:05Z\",\"dateModified\":\"2024-06-11T07:05:46Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/a_0e15f1.png?fit=596%2C396","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/572308"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=572308"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/572308\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/572324"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=572308"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=572308"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=572308"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}