Key Points
Magic Eden’s latest data shows that Bitcoin [BTC] NFT volume on the network has significantly increased, reaching a new high. The growth of Bitcoin NFT volume over the past 30 days has been remarkable, particularly in the context of the thriving NFT sales on the platform.
Bitcoin’s Dominance in NFT Volume
An examination of the NFT volume from various networks on Magic Eden indicates that Bitcoin has been the network with the most volume in February. According to data from Dune Analytics, the NFT volume exceeded $106 million, accounting for 61.5% of the network’s volume. In the previous month, the volume was approximately $81 million, signifying a substantial growth in the current month.
Crypto Slam NFT’s analysis of NFT volume shows that Bitcoin had the second-highest NFT volume in the past 30 days. The NFT sales volume on the network during this period was over $286 million. A closer look at the NFT collection sales rankings reveals that two collections from the Bitcoin network occupy the second and third spots.
Currently, it also stands second among networks with the highest sales volume, with a sales volume of over $12 million. Notably, an unclassified collection from Bitcoin leads the collection sales ranking, with over $2.4 million at the time of this writing.
Despite the significant increase in Bitcoin NFT sales volume, the fees on the Bitcoin network appear to have minimal impact. Crypto Fees’ chart indicates that, aside from a peak on February 3rd when the fee exceeded $7 million, the fees have consistently remained around the $1 million mark. The fee was over $1.8 million at the time of this writing.
