NFT sales plummet to lowest monthly volume since 2021 CryptoSlam
NFT transactions dropped 32% from 7.3 million in August to 4.9 million in September.
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NFT transactions dropped 32% from 7.3 million in August to 4.9 million in September.
NFTs saw a sharp decline in August 2024, with monthly sales dropping to $374 million the lowest this year.
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In a market dominated by optimism surrounding the price spikes of Bitcoin (BTC) and Ethereum (ETH), the non-fungible token (NFT) market has seen a decline in popularity. NFTs, which include digital artwork and collectibles recorded on blockchains, have recently experienced a notable loss of appeal. According to a Bloomberg report, Google searches for NFTs have [...]
The post NFT Prices Tumble As Crypto Investors Place Big Bets On Bitcoin And Ethereum ETFs appeared first on Crypto Breaking News.
NFT sales dropped from $1 billion in April to $624 million in May, with Bitcoin, Ethereum, and Solana-based digital collectibles significantly declining.
Renewed interest in the NFT markets has emerged even as the overall purchasing power weakens. Recent data provided by CryptoSlam indicates that buyers in the non-fungible token sphere grew by more than 24% over the past week. Even with this increase in participation, the total volume of sales for non-fungible tokens declined by almost 8% […]
Binance NFT discontinues Bitcoin NFT trades and deposits, advises withdrawals by deadline, and details distribution of Runestone NFTs and tokens. (Read More)
Franklin Templeton’s digital assets division has released a note to its investors introducing Bitcoin-based non-fungible tokens (NFTs), highlighting a surge in activity within the Bitcoin ecosystem. The asset manager attributes this increased momentum to various factors, including the emergence of Bitcoin (BTC) NFTs called Ordinals, the development of new fungible standards like BRC-20 and Runes, the growth of Bitcoin Layer 2 (L2s) solutions, and the expansion of decentralized finance (DeFi) applications built on the Bitcoin network. Bitcoin Ordinals Shine According to the Bitcoin ETF issuer’s report, activity in the Bitcoin NFT space is gaining momentum. In particular, Ordinals have seen a significant increase in trading volume over the past few months. This growth is evident in Bitcoin’s dominance in terms of trading volume, which surpassed Ethereum (ETH) in December 2023, as shown in the accompanying chart. Related Reading: Trouble Ahead? Binance Coin Futures Market Under Pressure With Negative Funding Rates In addition, several collections of Bitcoin Ordinals are emerging as dominant players in the NFT market, both in terms of trading volume and market capitalization. These collections include NodeMonkes, Runestone, and Bitcoin Puppets, which have an aggregate market cap of $353 million, $339 million, and $168 million, respectively. They are the most notable collections. In terms of trading volume over the past 30 days, the report shows that these three collections recorded trading volumes of $81 million, $85 million, and $38 million, respectively, over the past month. The asset manager further claimed that what distinguishes BTC Ordinals from NFTs on other blockchains, such as Ethereum or Solana, is that they contain raw data recorded directly on the Bitcoin blockchain. This feature contributes to the attractiveness and growing popularity of Bitcoin Ordinals, as evidenced by market cap and trading volume figures. Franklin Templeton, known for its involvement in the ETF market, was one of the issuers that launched a spot BTC ETF in the United States earlier this year. Its ETF, which trades under the ticker name “EZBC,” has seen total inflows of 281.8 million since its January 11 launch, according to BitMEX research data as of April 3. Despite its zero-fee structure, Franklin Templeton’s ETF has seen a significant difference in flows compared to the leading players in the newly approved ETF market, such as Blackrock (IBIT) and Fidelity (FBTC), which have seen flows of over 14 billion and 7.7 billion, respectively. Binance To Discontinue Support For BTC NFTs In a recent blog post, crypto exchange Binance announced it would discontinue support for Bitcoin-based NFTs on its marketplace. Less than a year after their introduction, Binance will no longer facilitate airdrops, benefits, or utilities associated with BTC NFTs, citing a need to streamline its product offerings in the NFT space. Related Reading: Injective Whales Go On $24.8 Million Buying Spree, Is This The Next Solana? Binance states that users who own Bitcoin NFTs are advised to withdraw them from the Binance NFT marketplace via the Bitcoin network before May 18, 2024. Effective April 18, 2024, users can no longer purchase, deposit, bid, or list NFTs via the BTC network on the Binance NFT Marketplace. Any existing listing orders affected by this change will be automatically canceled simultaneously. Currently, BTC is trading at $68,300, up a modest 3% in the last 24 hours. It is approaching the significant milestone of $70,000, a level the cryptocurrency has struggled to maintain several times. Featured image from Shutterstock, chart from TradingView.com
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BitPinas revisits the most iconic NFT collections of the 2021 bull runincluding CryptoPunks, BAYC, Azuki, and moreand compares their peak values to current prices in 2025.
Inscription Marketplace, the NFT marketplace owned by the Bybit platform, has been shut down. Bybit is one of several companies exiting the NFT space after the value of these digital collectibles has decreased significantly.
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