The non-fungible token (NFT) market is experiencing a transformative evolution. Ethereum’s NFT dominance is under siege as Solana and Bitcoin-based NFTs are taking the spotlight. Though Ethereum-based NFTs still dominate the market, they suffered an 8.26% drop in sales. NFT sales on Solana soared by 6.39%, totaling an impressive $19.4 million in sales. In the meantime, Bitcoin-based NFTs saw a significant increase of 12.39%, reaching $13.7 million in total sales. This is a sign of growing and spreading interest and investment across blockchain platforms other than Ethereum in the NFT space.

Blockchain Performance

Ronin, as it stands now, is market leader, comprising 19% of all NFT sales. Flow and Immutable X both hold 6% apiece. With the success of Solana and Bitcoin, NFT trading activity on other blockchains highlights an increasing appeal for non-Ethereum ecosystems.

In particular, Guild of Guardians on Immutable X was up 6.62% in sales to $3.31 million. Sales for Monkey NFTs on Solana shot up 52.16%, reaching $3.36 million in sales. These figures shine a spotlight on the big projects and platforms that are fueling expansion within their ecosystems.

Notable Sales and Market Activity

Outside of the knee-jerk wash trading, there were still some significant NFT sales happening. Bored Ape Yacht Club #7,398 sold for $325,387. As we’ve seen time and time again, blue chip collections have long-term staying power. The Arbitrum GUSDC Locked Deposit received a robust $184,956. At the same time, a Bitcoin-Based Ordinal Maxi Biz NFT recently sold for $82,819, illustrating a strong desire for unique digital assets on different blockchains.

NFT market activity by sellers has seen a jump, up 25.86%. This rise indicates an increasingly vibrant trading ecosystem and possibly enhanced liquidity for NFT assets.

Wallet Adoption and Historical Context

The impact NFT tech has had on wallet adoption has been tremendous, with over 2.5 million unique wallets currently holding or actively trading NFTs. That’s a whopping 600% increase from 2020, where just 89k wallets were active in the NFT ecosystem. Whether it’s creators, collectors, or curious observers, the expansion of wallet adoption underscores the growing accessibility and mainstream interest in NFTs.

Just in 2021, gaming NFTs brought in a mind-boggling $5.2 billion in sales. Concurrently, collectibles were responsible for $8.4 billion in trades, further highlighting a high point of NFT market fever. By 2022, weekly transaction averages fell below even late 2021 levels. This trend is indicative of a normal correction and stabilization of the market.