A new type of NFT has emerged thanks to upgrades on the bitcoin network in 2023. NFT sales, excluding orders, amounted to approximately $1 billion last month, with bitcoin NFTs representing about 7% of total transactions on the blockchain.
The main challenge with bitcoin NFTs is the lack of user-friendly marketplaces. Additionally, the average fee for a bitcoin transaction is currently $1,981, the highest since November. Some market players argue that NFTs on bitcoin distract from the network’s true purpose: to be a permissionless network available 24/7.
