Ethereum Regains NFT Market Supremacy as Bitcoin NFTs Fade

Ethereum regains dominance in the NFT market, surpassing Bitcoin and Solana. Redacted Remilio Babies, Milady Makers, Ethlizards, Azuki, and Captainz NFT collections contribute to the surge in Ethereum NFT sales volume.

Ethereum Regains Dominance in NFT Market Amid Bitcoin NFT Surge

London, England – March 8, 2023

Ethereum, the leading blockchain network for decentralized applications and non-fungible tokens (NFTs), has reclaimed its position as the primary platform for NFT trading, following a brief period of dominance by Bitcoin NFTs. This shift reflects the continued strength and resilience of the Ethereum ecosystem, underpinned by innovative NFT collections that have captured the attention of collectors and investors.

Ethereum Reclaims NFT Market Share

Earlier this month, Bitcoin NFTs experienced a surge in popularity, driven by the introduction of Bitcoin Ordinals and the upcoming Bitcoin halving event. However, data compiled by CryptoSlam.io, an industry-leading crypto market aggregator, indicates that Ethereum has regained its market share this week, with NFT collections on the network accounting for approximately 38% of total NFT trading volume.

NFT Collections Driving Ethereum Growth

Several NFT collections have been instrumental in driving Ethereum's resurgence in the NFT market. Among them, the Redacted Remilio Babies collection, featuring a limited edition of 10,000 profile picture (PFP) NFTs, has seen its trading sales volume surge by 272% in the past 24 hours. Other notable collections contributing to Ethereum's growth include Milady Makers, Ethlizards, Azuki, and Captainz.

Milady Makers and Ethlizards Boost Sales

Milady Makers, a collection of digital assets from the company Remilia, has also witnessed a significant increase in trading volume of 33% in the past 24 hours, underscoring the strength of the NFTs issued by blue-chip companies. Ethlizards, a collection with a limited supply of 5,050 NFTs, has also contributed to Ethereum's dominance, with its trading sales volume increasing by an impressive 148% in the same period.

Azuki and Captainz Continue Momentum

Azuki, an NFT collection from the digital asset firm Chiru Labs, and Captainz, an NFT collection from web3 studio Memeland, have maintained their popularity, both recording notable trading sales volumes in the past 24 hours. These collections have consistently ranked among the top sellers on NFT marketplaces, demonstrating their enduring appeal among NFT enthusiasts.

Analysts View Ethereum's Recovery

Industry analysts have attributed Ethereum's recovery in the NFT market to several factors, including the network's established ecosystem, large user base, and the availability of a wide range of NFT types. Ethereum's strong infrastructure and developer community have enabled the network to remain a hub for innovation and creativity in the NFT space.

Conclusion

The resurgence of Ethereum in the NFT market highlights the network's resilience and continued appeal to creators, collectors, and investors. As the NFT market continues to evolve, Ethereum remains well-positioned to maintain its dominance, driven by its strong ecosystem and the continued emergence of innovative and compelling NFT collections.