This week closed with positive news for the world of NFTs. In this work we present a summary of the most important points.
As expected, the news of this first week of the year for the non-fungible token (NFT) market is highly positive. Trading volume and interest from investors and companies is increasing amid a strong recovery in the crypto market.
Much of the burden of the sector’s recovery is on the shoulders of Solana and Bitcoin. In the first case, investors are active in that network considering the advantages it offers in low costs, speed and small commissions. This makes it an ideal universe for a trade that brings good profits.
In the case of Bitcoin, it contributes twice. On the one hand, with the price increase it attracts capital to the entire crypto market. On the other hand, the rise of Ordinals continues to report high commercial volume that is reflected in the numbers of the NFT sector.
Solana Dominance Week on Ethereum in the NFT World
One of the positive news that emerged this week in the NFT world has to do with Solana’s continued dominance over its main rival. During the month of December, the ecosystem once again led the trading volume of collectibles above even Ethereum.
As reported by the CryptoSlam portal, the network remained solidly above Ethereum, with sales totaling $366.5 million. For its part, Ethereum added a total of $353.2 million in the same month. An important aspect is that the data on this portal excludes suspicious activities that generally add to the volume.
Consequently, some $381 million in sales were excluded on Ethereum because they corresponded to Wash Trading activity. In Solana, for its part, only $10 million of the same activity was reported. In this way, with December numbers, the Solana network was close to exceeding its monthly record of $375 million reported in October 2021.
Solana’s superiority over Ethereum was limited to daily days and even weeks, but not to full months. With this in perspective, it can be said that this is one of the striking news this week in the world of NFTs.
Bitcoin in First Place for Collectible Sales in December
Bitcoin Ordinals remained at the top of collectible sales during the month of December. Sales exceeded $853 million dollars, allowing this network to remain firmly in first place. This represents a large portion of total sales during the last 31-day stretch of 2023.
In December, sales were $1.7 billion dollars, which represents a notable increase. Compared to November, sales were 69% higher in December, suggesting that the recovery maintains a healthy growth trend.
In general terms, after Bitcoin came Solana followed very closely by Ethereum. The list was completed with Polygon and Arbitrum. On the other hand, the biggest sale of December was an NFT of Vincent van Gogh’s Self-Portrait for a surprising amount of $1.19 million.
With all this data on the table, it can be said that the explosive recovery of the NFT sector will continue this week.
Logan Paul Reimburses CryptoZoo Affected People
A total of $2.3 million is made up in the reimbursement fund for those affected by CryptoZoo. Thus, the NFTs composed of base animals and eggs will be paid to the holders for the same acquisition cost that they had. In a post on social media, Paul said he was happy to keep his word. Likewise, he highlights that his project complied with all the seriousness of the case. However, he regrets that it has been sabotaged.
By Leonardo Perez
