Author: Nicholas Boey, Coingecko; Compiled by: Deng Tong, Golden Finance
In 2023, NFT transaction volume on the top 10 chains reached US$11.8 billion. However, this number is still less than half of the $26.3 billion in NFT trading volume on the 8-chain chain in 2022.
Ethereum is the largest non-fungible token (NFT) blockchain with a market share of 72.3 %, with a transaction volume of US$8.54 billion in 2023. However, compared to a dominance of over 90% in 2022, it has lost market share to Bitcoin and Solana.
< span style="color: rgb(0, 112, 192);">The second largest NFT blockchain is Bitcoin, with a 12.9% market share and $1.5 billion in transaction volume in 2023. After the launch of Bitcoin Ordinals, Bitcoin has become one of the largest blockchains for NFT transactions.
Ethereum and Bitcoin dominate the NFT field, accounting for 85.2% of all NFT transaction volume. ,Shocking. Solana ranks third with a market share of 7.4%, followed by Immutable X (2.3%), Polygon (2.2%), BNB Chain (1.3%), Flow (0.8%), Arbitrum (0.4%), Avalanche (0.3%) , and Ronin (0.2%).
In In December 2023, Bitcoin was the largest NFT chain, with transaction volume reaching $8.1 billion, occupying 42.1% of the market share. This can be attributed to the surge in Bitcoin Ordinal trading volume, especially in November and December.
Bitcoin’s transaction volume increased nearly 15 times, or 1,495%, between the third and fourth quarters of 2023, with transaction volume increasing from only $08 million to 120 million Dollar.
In December 2023, Bitcoin challenged Ethereum’s dominance as the NFT blockchain of choice. Ethereum achieved 34.6% market share in December, with transaction volume of $14.1 billion.
NFT transaction volume on Ethereum has been declining for most of 2023. It started with $9.4 billion in trading volume in January before falling to $6.7 billion in December. On average, monthly transaction volume in 2023 will be approximately $7.1 billion.
Between the third and fourth quarters of 2023, Ethereum’s transaction volume increased by 33%, but during the same period, Bitcoin’s growth rate reached 1,495%.
Solana is making a comeback in 2023, NFT transaction volume in December 2023 Soared to US$360 million, with a market share of 18.7% that month. This was the only month in 2023 that Solana’s transaction volume exceeded $100 million. Most of the trading volume can be attributed to the Mad Lads and Tensorians series.
Solana NFT trading volume increased 541% from the third quarter to the fourth quarter of 2023, from $70 million to $450 million. Only Avalanche and Bitcoin outperformed Solana’s quarter-on-quarter growth, growing 1.508% and 1.495% respectively.
Top 10 NFTs based on transaction volume Blockchain (updated data as of December 2023).
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