In 2023, the combined value of non-fungible tokens in the top ten networks experienced a sharp decline of 55.1%, reaching $11.8 billion. According to data from CoinGecko, the majority of this value, 72.3% or $8.54 billion, is attributed to non-fungible tokens on the Ethereum network.
This is in contrast to the previous year, where Ethereum’s dominance in the non-fungible token market was much higher at 90%.
The decrease in Ethereum’s dominance is due to the rising popularity of other networks, such as Solana and digital gold. In fact, by December, non-fungible tokens on Bitcoin had taken the lead in trading activity, accounting for 42.1% while Ethereum accounted for 34.6%.
Throughout the year, the percentage of non-fungible tokens on Ethereum’s blockchain has been steadily declining, starting at 87.7% in January.
Even with the surge of interest in non-fungible tokens seen in October to December, Ethereum’s dominance did not significantly change.
