Bitcoin NFT Sales Surpass Ethereum, Reach $189 Million in a Week

Bitcoin NFT Sales Surpass Ethereum, Reach $189 Million in a Week

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Bitcoin NFTs have surged in popularity, overtaking Ethereum in weekly sales with a remarkable $189 million in transactions over the past seven days. This surge was fueled by a sudden rise in Bitcoin Ordinals-based NFT collections, led prominently by the NodeMonkes collection.

The weekly sales of Bitcoin NFTs witnessed an impressive 60% growth, outshining Ethereum, which generated $189 million in NFT sales during the same period, as per CryptoSlam data.

Blockchain by NFT sales volume 7 days
Blockchain by NFT sales volume 7 days. Source: CryptoSlam

The emergence of Bitcoin Ordinals has played a crucial role in this shift. Launched in January 2023, Ordinals introduced a unique concept, enabling users to associate files, such as images, with satoshis (sats), the smallest unit of Bitcoin. This innovation essentially creates NFT-like assets on the Bitcoin blockchain.

Among the top-selling NFT collections of the week, three out of the top five were Bitcoin Ordinals-based. The uncategorized Ordinals led the pack, raking in over $51 million in sales through more than 52,000 transactions. Following closely was the NodeMonkes collection, a Bitcoin-based series of 10,000 unique pixelated profile picture (PFP)-style Ordinals. NodeMonkes recorded over $49 million in sales, marking an impressive 155% increase from the previous week. The Natcats collection, another Ordinals-based project, secured the fifth position with over $11 million in sales.

NFT collection rankings by sales volume 7 days
NFT collection rankings by sales volume 7 days. Source: CryptoSlam

NodeMonkes, launched in December, claims to be the first 10,000-strong collection on Bitcoin. While the exact reasons behind NodeMonkes’ recent surge remain unclear, industry insiders speculate that its appeal lies in its “meaningful provenance.” Kevin Wu, the founder of NFT collection GRAYCRAFT, noted that NodeMonkes holds significance as the first PFP-style NFT collection on “the first chain ever,” creating a compelling narrative that speculative investors may now be latching onto.

This resurgence in the Bitcoin NFT market comes amid an overall uptrend in the NFT space, with increased trading volumes and growing interest in digital assets. The market for NFTs has experienced notable growth, with Bitcoin NFTs reaching a new milestone in December 2023, surpassing $881 million in sales.

As the NFT market continues to evolve, the success of Bitcoin NFTs in surpassing Ethereum sales underscores the dynamic nature of the digital asset landscape and the shifting preferences of collectors and investors.

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