Author: Nicholas Boey, Coingecko; Translated by: Deng Tong, Golden Finance
In 2023, NFT trading volume on the top 10 chains reached $11.8 billion. However, this figure is still less than half of the $26.3 billion NFT trading volume on the top 8 chains in 2022.
Who is the largest NFT blockchain?
Ethereum is the largest non-fungible token (NFT) blockchain with a market share of 72.3% and a transaction volume of $8.54 billion in 2023. However, compared to its dominance of over 90% in 2022, it has lost market share to Bitcoin and Solana.
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 space, collectively accounting for a staggering 85.2% of all NFT trading volume. Solana ranks third with a 7.4% market share, 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%).
Bitcoin to surpass Ethereum in December 2023
In December 2023, Bitcoin was the largest NFT chain with a transaction volume of $8.1 billion, accounting for 42.1% of the market share. This can be attributed to the surge in Bitcoin Ordinal transaction volume, especially in November and December.
Bitcoin’s trading volume increased nearly 15-fold, or 1,495%, between the third and fourth quarters of 2023, with trading volume increasing from just $8 million to $120 million.
Is Ethereum's Dominance Challenged in December 2023?
Bitcoin challenged Ethereum’s dominance as the preferred NFT blockchain in December 2023. Ethereum achieved 34.6% market share in December with $14.1 billion in transaction volume.
NFT trading volume on Ethereum has been declining for most of 2023. It started with $9.4 billion in trading volume in January, then fell to $6.7 billion in December. On average, monthly trading volume in 2023 was about $7.1 billion.
Ethereum transaction volume grew 33% between the third and fourth quarters of 2023, but Bitcoin’s growth rate reached 1,495% during the same period.
Solana makes a comeback
Solana made a comeback in 2023, with NFT trading volume soaring to $360 million in December 2023, with a market share of 18.7% for the month. This was the only month in 2023 where Solana trading volume exceeded $100 million. Most of the volume can be attributed to the Mad Lads and Tensorians series.
Solana NFT trading volume grew 541% from Q3 to Q4 2023, from $70 million to $450 million. Only Avalanche and Bitcoin outperformed Solana’s month-over-month growth, increasing by 1.508% and 1.495%, respectively.
Top 10 NFT Blockchain Market Shares in 2023
Top 10 NFT blockchains by transaction volume (data updated as of December 2023).
