Weekly NFT sales climbed from $65.58 million to $88.29 million. This rise was not limited to volume alone. The number of buyers increased by %22.90 to 342,044, while sellers grew by %24.17 to 242,004. Total transactions also expanded by %10.54, reaching 937,495. The data suggests a broader participation recovery rather than isolated activity.

As Capital Shifts Toward Bitcoin, Market Balance Changes

The most striking development of the week was Bitcoin overtaking Ethereum in NFT sales volume. Bitcoin-based NFT transactions reached $29.95 million, marking a sharp %144.41 increase week over week. Buyer participation on the network also rose by %25.29, indicating that the move was not driven by a single outlier alone.

Ethereum continued to grow, with sales volume rising by %39.08 to $27.57 million. However, this increase lagged behind Bitcoin’s acceleration. From a timing perspective, the divergence points to a short-term shift in risk preference among NFT participants.

$X@AI BRC-20 NFTs Redefined the Weekly Narrative

Bitcoin-based $X@AI BRC-20 NFTs became the dominant force behind the surge. The collection generated $23.14 million in weekly sales, reflecting an extraordinary %1,099.81 increase. Yet this figure masks a highly concentrated structure.

Only 12 transactions occurred, involving 12 buyers and 12 sellers. A single sale worth $17.13 million, completed four days ago, stood out as the largest NFT transaction of the week. This concentration raises questions about whether the spike reflects sustainable demand or a temporary liquidity event.

Established Collections Hold Ground but Lose Momentum

DMarket on the Mythos chain ranked second with $6.04 million in volume. Despite strong buyer and transaction counts, its growth pace remained limited. On BNB Chain, YES BOND climbed to $2.72 million, securing a top-three position, though activity was driven by just two sellers.

Ethereum-based CryptoPunks recorded $2.69 million in sales, while Pudgy Penguins returned to the top five with a %52 increase. In contrast, Polygon’s Courtyard collection fell sharply, posting a %56 decline and losing momentum.

Why It Matters

At first glance, the weekly jump suggests a renewed NFT market recovery. However, the distribution of activity tells a more cautious story. Bitcoin’s dominance was largely fueled by a small number of high-value trades, pointing to selective capital deployment rather than a broad-based bull phase.

Whether this concentration evolves into sustained demand or fades as a short-lived spike will become clearer in the coming weeks. For now, volume has risen—but the market’s true direction remains unresolved.

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NFT sales, which had been on a decline since March, hit their lowest point in September, marking the weakest monthly sales volume since 2021. However, the market began recovering in October and saw a 57% month-on-month increase in November, with total volumes exceeding $562 million.

Ethereum Leads With $92M Weekly Sales Volume

Ethereum recorded over $92 million in weekly sales, representing a 44.69% increase from the previous week. The surge was largely driven by collections like Pudgy Penguins and CryptoPunks, which posted significant sales volumes.

• Pudgy Penguins saw a massive 346% increase from the previous week, with $25 million in sales. DefiLlama data shows that the collection’s floor price rose from 13 ETH on Nov. 30 to 20.9 ETH (approximately $83,000) by Dec. 8.
• CryptoPunks followed, taking the second spot with $16.5 million in weekly sales. Its floor price briefly hit 44 ETH on Dec. 4 before settling at 40 ETH (around $160,000) by Dec. 8.

Other Blockchain Networks and Market Overview

• Bitcoin-based NFTs came in second, recording $43.8 million in weekly sales.
• Networks like Solana, Immutable, Mythos Chain, Polygon, Cardano, and Flow collectively accounted for $47 million in sales.

Ethereum Price Breaks $4,000

This rise in NFT activity coincided with Ethereum’s price breakout. On Dec. 6, ETH surpassed $4,000, reaching a high of $4,067. An analyst noted that Ethereum is entering a new bullish phase, predicting it could repeat the impulsive breakout seen between 2016 and 2017, potentially reaching $15,000.

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Bitcoin NFTs Outperform in Sales Volume

Data from NFT tracker CryptoSlam shows that on June 4, Bitcoin-based NFTs exceeded $4 billion in all-time sales volume, including both legal sales ($3.97 billion) and wash transactions ($82 million).

With $171 million, Bitcoin NFTs edged out Ethereum ($159 million) and Solana ($90 million) for the top spot in terms of sales volume over the last month.

While ETH has a commanding presence in the market with a staggering $43.8 billion in all-time NFT sales, Bitcoin NFTs remain well behind Ethereum in overall sales, even with this recent increase. Bitcoin is currently ranked fourth, after the Ronin blockchain ($4.2 billion) and Solana ($5.5 billion).

Market Downturn and Impact on NFT Sales

Last month recorded $624 million compared to April’s $1 billion, and the wider NFT sector also suffered the pain of a more general downturn in May, with CryptoSlam statistics indicating a 54% drop in monthly sales volume compared to April. Additionally affected by this fall were Bitcoin NFTs, whose revenues dropped 68% during the same time span.

Celebrity NFT Investments Decline

Pop singer Justin Bieber, who spent more than $2 million in NFT tokens back in 2022, has seen the value of his portfolio drop by over 90% to be barely worth over $100,000.

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Data from on-chain cryptocurrency analysis company Arkham Intelligence shows Bieber made significant investments in NFTs following the acquisition of the second-largest cryptocurrency by market capitalization, Ethereum ($ETH), from the Bored Apes Yacht Club (BAYC) collection and two NFTs from the Mutant Apes Yacht Club (MAYC) for $1.86 million.

Bieber’s NFT portfolio was comprised of more than just apes. Along with a World of Women NFT, two Doodles NFTs, an Otherdeed NFT, and a Metacard NFT, his first purchase featured a set of additional digital relics. These extra assets have likewise lost value; stated losses range from 89.7% to 97.4%.

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