- Bitcoin-based NFTs saw a significant drop in sales volume from $868 million in December 2023 to $335 million in January.
- The 30-day sales volume for Bitcoin-based NFTs decreased by 61%.
- NFT book author Anndy Lian suggests that the market is becoming more saturated with new projects entering the game.
- Despite the slowdown, Lian expects renewed interest in Bitcoin-based NFTs with the upcoming Bitcoin halving.
Bitcoin-based NFTs saw a significant drop in sales volume
Bitcoin-based nonfungible tokens (NFTs) experienced a decline in sales volume, falling from $868 million in December 2023 to $335 million in January. This represents a 61% decrease in 30-day sales volume. Anndy Lian, an author on NFTs, suggests that the market is becoming more saturated as new projects enter the space, providing buyers with more options.
Expectations for the Bitcoin halving
Despite the decline in sales, Lian anticipates renewed interest in Bitcoin-based NFTs due to the upcoming Bitcoin halving. The reduced supply of Bitcoin resulting from the halving could potentially increase the value and scarcity of each satoshi, making Bitcoin-based NFTs more appealing as unique and collectible assets.
The decline in sales volume for Bitcoin-based NFTs highlights the increasing competition and saturation in the NFT market. As more projects enter the space, buyers are presented with a wide range of options, which can impact the sales volume of individual projects. However, the upcoming Bitcoin halving may provide a boost to Bitcoin-based NFTs, as the reduced supply of Bitcoin could increase their value and scarcity, making them more attractive to collectors and investors.