Key Takeaways:
- Bitcoin NFTs achieved a record daily sales volume year-to-date, surpassing Ethereum in weekly sales.
- The surge was led by Bitcoin Ordinals-based collections, notably NodeMonkes, contributing to an 80% increase in Bitcoin NFT sales to $168.5 million.
- Ordinals, introduced in January 2023, allow embedding files into satoshis, enabling the creation of NFT-like assets on Bitcoin.
- Uncategorized Ordinals led in sales, with NodeMonkes and Natcats also ranking high, showcasing the diversity and potential of Bitcoin-based NFTs.
- NodeMonkes emerged as a significant player, with its market capitalization reaching over $500 million, highlighted by its unique status as one of the first major PFP-style collections on Bitcoin.
Bitcoin NFTs have recently achieved a record-breaking daily sales volume year-to-date, surpassing Ethereum in weekly sales. This surge is attributed to a significant increase in sales of Bitcoin Ordinals-based NFT collections, particularly led by NodeMonkes.
NodeMonkes have flipped Pudgy market cap and jumped to the #3 overall spot in terms of PFPs.
— NFTstats.eth (@punk9059) March 3, 2024
Just 3 days ago, Pudgy market cap was more than 2x NodeMonkes.
Puppets have flipped Milady as well.
The speed of moves in this space is pretty insane. pic.twitter.com/ZMafTWJPl2
In the past week alone, Bitcoin NFT sales soared by 80% to reach $168.5 million, with Bitcoin Ordinals-based collections dominating three of the top five spots in weekly sales. This outperformed Ethereum, which posted $162 million in sales, according to data from CryptoSlam!.
Despite Bitcoin’s lead in sales, it witnessed half as many buyers as Ethereum, showcasing the high value of transactions within the Bitcoin NFT space. The introduction of Ordinals in January 2023 revolutionized the Bitcoin NFT market by allowing the embedding of files, such as images, into Bitcoin’s smallest unit, satoshis (sats), effectively creating NFT-like assets.
Uncategorized Ordinals, not affiliated with any specific collection, led the sales with over $43 million across more than 47,000 transactions. Following closely was the Bitcoin-based NodeMonkes collection, which saw over $41 million in sales, marking an impressive 170% increase from the previous week. Another notable Ordinals collection, Natcats, ranked fourth in weekly sales with over $10 million.
NodeMonkes, a collection of 10,000 unique pixelated profile pictures (PFP), emerged in December and was etched onto the blockchain in February 2023, shortly after the launch of Ordinals. It claims the title of the first substantial collection on Bitcoin, despite other 10,000 count Ordinals collections preceding it.
This collection’s market capitalization recently surpassed $500 million, positioning it as the third-largest PFP-style NFT collection across all blockchains, trailing only behind Ethereum’s Bored Ape Yacht Club (BAYC).
The precise reasons behind NodeMonkes’ sudden rise in popularity remain speculative. However, GRAYCRAFT founder Kevin Wu suggested that its status as the pioneering PFP-style NFT collection on Bitcoin lends it a “meaningful provenance” and a “great competing narrative,” attracting speculative investors.
This resurgence in Bitcoin NFTs, particularly driven by collections like NodeMonkes, underscores the evolving dynamics within the NFT market, as Bitcoin begins to reclaim a significant portion of the market share from Ethereum.
About The Author
Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
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