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Bitcoin NFT Artwork sales now lead the market after a sudden $8.3m uptick in NFT art sales volumes over the past 24-hours has poised Bitcoin NFTs to take the crown – find out in this deep-dive article.
Enthusiasm for NFT artwork is on the rise as NFT.NYC week begins, and amid the hype, a new NFT king is in town, and it isn’t Solana or Avalanche.
Bitcoin is now the leading blockchain for NFT Artwork sales, with a $8.3 million sales volume in the last 24 hours.
Additionally, Solana has jumped to third place, enjoying a 43.13% increase with NFT sales reaching $7.57 million, cementing its position with $5.32 billion in all-time sales.
Industry insiders, like SuperRare’s Jonathan Perkins, sensed this tide change as early as November 2023 -noting the bear market’s gloom seems to be lifting, setting the stage for brighter days ahead in the NFT market.
“I think the worst of the NFT-hangover-induced bear market is behind us, and things are turning around,” Perkins said in an interview.
“Marketplace volume will always be volatile, but I expect a massive upward macro trend in the next six months.”
NFT.NYC Conference Boosts Bitcoin NFT Art Sales
It never rains in Southern California. But in New York it pours.While NFT.NYC week has been overshadowed by bad weather, even flood warnings, the hype for NFTs is palpable.
Some of the best projects this year are Bitcoin Ordinals (once again), Solana’s Pixar-inspired Claynosaurz, alongside Ethereum’s Mutant Ape Yacht Club and Pudgy Penguins.
Side events are emerging as a big fixture of this year’s crypto conference season, and NFT NYC 2024 is no exception with as many as 150 side events planned.
Don’t Overlook Return to Ethereum: CryptoPunk Craze Is Back
March also reignited the hype around Ethereum’s CryptoPunk collection, after a sale of CryptoPunk #3100 sent shockwaves through markets after selling for a jaw-dropping 4,500 ETH (over $16 million).
An anonymous buyer, entering the scene with a freshly created wallet, made the headline-grabbing purchase – signaling renewed interest amongst fresh retail investors. This sale marks the sixth-highest transaction for the CryptoPunk series.
The previous holder of CryptoPunk 3100 nearly doubled their investment in less than three years, banking over $8 million in profit. This story of substantial gain served as a beacon for a revival across the market landscape.
The Bottom Line: What’s Next For Digital Art In 2024?
As the surging volumes reveal signs of life in the market – fresh capital is increasing trading activity and triggering new monumental sales, but overall, the sentiment is cautiously optimistic.
Mood in the community has been lifted by NFT.NYC and the Bitcoin Halving in two weeks, yet, looking at floor prices the market remains very volatile.
For now, all eyes are on what move the mysterious new players will make next – with market sentiment clearly shifting towards Bitcoin NFTs as a favored pre-halving play.
EXPLORE: SOL Breaks $200: Why Solana is Exploding Now Compared to Rest of the Crypto Market
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
