Bitcoin and Solana accounted for 75% of all NFT deployments in 2023

24 janvier 2024

Interest in NFTs has cooled off since its peak in 2021 and 2022, marked by a decrease in volumes and a decline in the number of projects in the market. Nevertheless, Bitcoin (BTC) and Solana (SOL) have emerged as the preferred hubs for new NFT deployments.

Specifically, three out of four NFT launches in 2023 took place on either Bitcoin or Solana. The established enthusiasts have been captivated by the Ordinals Inscriptions but have also sparked controversy within the Bitcoin community.

Notably, Bitcoin NFTs are unique as the media is actually stored on the blockchain instead of centralized databases. Most NFT blockchains are simply a hash identifier linked to the desired media, usually an image, hosted by centralized services. Elon Musk recently shared his views on these mechanics on X (formerly Twitter).

Meanwhile, Solana has gained traction due to lower fees and better network performance than its competitors. Solana's ecosystem flourished in 2023, fueling its dominance in this segment alongside Bitcoin, accounting for 75% of all NFT deployments last year, according to [source not provided].

NFT DEPLOYMENTS ON ETHEREUM AT ALL-TIME LOWS

On the other hand, Ethereum (ETH) has significantly lost its previous dominance. Ethereum NFT deployments fell to historic lows in the same year when Bitcoin and Solana shone.

In total, 14,560 NFT deployments were reported across the three blockchains by the end of 2023 alone. This movement suggests a shift in trend and the potential for a renewed interest in this technology.

It is noteworthy that the migration to improved infrastructures offering native decentralized media hosting or more efficient transactions may have sparked this resurgence. Investors are now eagerly awaiting new developments and information on NFT trading and use cases to drive demand and value.