Summary
TL;DR: Ethereum is facing competition in the NFT marketplace as Bitcoin and Solana gain traction. Bitcoin’s cheap-to-mint ordinal inscriptions have led to a 500% increase in sales volume for digital art collectibles, surpassing Ethereum’s figures. Solana recorded higher NFT trading volumes than Ethereum, and its on-chain storage of NFTs is attracting users. Jito’s airdrop of $165 million worth of tokens led to a spike in Solana’s NFT sales. Pudgy Penguins debuted an online game at Art Basel Miami, where players can control penguin avatars without owning an NFT. The game is linked to toy versions of Pudgy Penguins sold at Walmart, with NFT holders receiving licensing royalties.
Key Points
1. Ethereum’s sales volume in the NFT marketplace has declined, facing competition from emerging players in the industry.
2. The Bitcoin network has experienced a surge in digital art collectible trading, driven by the popularity of ordinal inscriptions. Sales volume for this asset class has increased by 500% in the past month, surpassing Ethereum’s figures.
3. The Solana blockchain has recorded higher NFT trading volumes than Ethereum, indicating a growing interest in the network. Solana’s success can be attributed to its on-chain storage of NFTs, which differentiates it from other popular blockchains.