- CoinGecko analysts analyzed the NFT market and summed up the results for 2023.
- Ethereum remains the largest blockchain in terms of non-fungible token trading volume.
- Experts note a drop in the share of Ethereum, as well as an increase in indicators in the Bitcoin and Solana networks.
Analytical company CoinGecko presented report about the largest blockchains in terms of NFT trading volume and summed up the results of the non-fungible tokens market for 2023.
Experts note that during this period, the turnover in the top ten networks amounted to $11.8 billion. This is more than 50% less than the NFT trading volume among the eight largest blockchains in 2022. Then the figure was $26.3 billion.
Ethereum remains the leader in terms of trading volume on the market. Its share is 72.3%, which in monetary terms is equal to $8.54 billion. However, experts point to a narrowing gap between Ethereum and the following blockchains.
In particular, the second largest network for NFTs in 2023 was Bitcoin. It accounts for 12.9% of the market, and trading volume reached $1.5 billion. CoinGecko representatives cite the emergence of so-called “inscriptions” – Bitcoin NFTs, which have gained popularity in the crypto community, as the main reason for the growth.
It is worth noting that in December 2023, the first cryptocurrency overtook Ethereum in terms of NFT trading volume. Bitcoin accounted for 42.1% of the total thanks to the activity of users of the Ordinals protocol, experts say. At the same time, the share of Ethereum has been gradually declining throughout most of the year.
In third place in the CoinGecko report is Solana with an indicator of 7.4%. Analysts note that the peak month for blockchain was last December, when trade turnover exceeded $360 million.
According to CoinGecko, Solana grew 541% between Q3 and Q4 2023, rising from $70 million to $450 million. Only Avalanche and Bitcoin outperformed the blockchain in terms of quarterly growth.
Let's remember that we wrote that the level of fictitious trading on NFT marketplaces has dropped to a minimum since 2022.