Bitcoin breaks these records as NFT volumes surge
- Bitcoin TVL hits $315 million.
- BTC NFT volume retains its spot among top NFT networks.
Recent data showed a significant historical increase in Bitcoin’s [BTC] Total Value Locked (TVL). This was despite the network not being a traditional Decentralized Finance (DeFi) platform.
Additionally, there has been a recent rise in its Non-Fungible Token (NFT) volume, a sector not originally linked to the network.
Bitcoin TVL sees historic rise
This achievement comes despite Bitcoin’s non-traditional role as a Decentralized Finance (DeFi) platform. Also, the previous record was set in November 2021.
Furthermore, the network’s success in this regard can be attributed to its unique approach. Although Bitcoin lacks support for smart contracts, developers are strategically utilizing the base layer as a settlement layer.
By shifting complex use cases to higher layers, they aim to enhance functionality without compromising scalability or security. This strategy has given rise to various protocols with locked assets, contributing significantly to the increased TVL.
Also, the positive price trends experienced by BTC have further increased the TVL.
BTC price trend
Until recently, Bitcoin had been on an impressive uptrend, reaching new highs. However, in the last 48 hours, this rise has temporarily halted, marked by slight declines in value.
As of this writing, BTC was trading with a less than 1% fall in price following several days of consecutive falls.
Notably, despite these declines, the price has managed to sustain itself within the $43,000 range. The earlier rise in BTC’s price also had a notable effect on the value of locked BTCs. This has played a significant role in the observed increase in Total Value Locked (TVL).
Bitcoin NFT volume maintains top three standings
Bitcoin has experienced a notable surge in volume in non-fungible tokens (NFTs) sales, marking another historical development. Similar to Decentralized Finance (DeFi), NFTs were not originally supported by the network’s architecture.
However, developers have devised a method to create NFTs on the network through inscriptions.
How much are 1,10,100 BTCs worth today
As of this writing, Bitcoin is the third-largest network in NFT trade volume.
According to data from Crypto Slam, the NFT volume has reached around $10 million in the last 24 hours. With this position, Bitcoin was closely behind networks such as Ethereum and Solana.