The year 2023 ended with a bang for the Bitcoin blockchain, as it achieved a new all-time high of processing over 400,000 daily transactions in December. Considering the network’s limited block size of 1 megabyte, this is a remarkable feat and the increasing demand for fast and cheap transactions.
One of the main drivers of this growth was the booming market for non-fungible tokens (NFTs), which are unique digital assets that can represent anything from art to music to gaming items. According to data from NonFungible.com, the total sales volume of NFTs on the Bitcoin blockchain reached $881 million in December 2023, surpassing the previous record of $854 million in November.
The most popular NFT platform on Bitcoin was Counterparty, which accounted for 62% of the sales volume, followed by RSK with 21% and Stacks with 17%. Some of the most notable NFT projects on Bitcoin included Rare Pepe, Bitcorns, Spells of Genesis, and CryptoPunks, reported Cryptonews.
bitcoin as a digital gold
The surge in NFT activity on Bitcoin was fueled by several factors, such as the increasing recognition of Bitcoin as a store of value and a digital gold, the growing adoption of layer-2 solutions that enable faster and cheaper transactions, and the innovation and creativity of the Bitcoin community.
As the new year begins, many experts and enthusiasts are optimistic about the future of Bitcoin and NFTs, as they expect more adoption, innovation, and value creation in this space. Bitcoin has proven to be a resilient and robust network that can support a diverse range of applications and use cases. At the same time, NFTs have shown to be a powerful medium for expressing and capturing value in the digital world.