NFT sales on Bitcoin hit record in December 2023

Sales of non-fungible tokens (NFTs) on the Bitcoin (BTC) network reached $881 million in December 2023.

According to the Cryptoslam portal, in December 2023, NFT sales set the highest single-month sales record.

In addition, a record 111,713 buyer addresses participated in NFT transactions on the Bitcoin chain in December. Simultaneously, the number of merchant addresses rose to 98,744, marking the highest number of merchants in a month.

Meanwhile according to Cryptoslam, the total sales of NFT Ethereum (ETH) amounted to $364.79 million. Sales of BTC-focused NFTs outpaced ETH sales in December by 2.34 times.

The most valuable NFT transaction in December was a digital copy of Vincent Van Gogh’s 1888 self-portrait (Van Gogh painting #216), which sold for $1.19 million. The Ethereum platform held a sale of the Frxethredemption Ticket #33 token, priced at $638,433 in December.

In December, Bitcoin Core developer Luke Dashjr said that Inscriptions, which are the basis of the Ordinals protocol, contribute to the spread of spam on the network and predicted their imminent end.

The developer’s statements caused criticism and questions from the community about the appropriateness of such methods of censoring the blockchain. One user noted that most miners would prefer to mine transactions with “inscriptions” as they make “more economic sense.”