TL;DR
- Bitcoin’s non-fungible token (NFT) sales have surpassed those of Ethereum in the past week, with a significant increase in NFT collections based on Bitcoin Ordinals. The Bitcoin NFT market saw an 80% growth week-over-week, achieving $168.5 million in sales.
- Bitcoin Ordinals, launched in January 2023, allows users to link files with satoshis, creating NFT-like assets on the Bitcoin blockchain. Three of the top five best-selling NFT collections of the week were based on Bitcoin Ordinals.
- The NodeMonkes collection, a series of 10,000 pixelated profile pictures based on Bitcoin, saw over $41 million in sales, marking a nearly 170% increase from the previous week. As of March 2, NodeMonkes’ market capitalization exceeded $500 million.
In the past week, Bitcoin’s non-fungible token (NFT) sales have surpassed those of Ethereum, thanks to a sudden increase in NFT collections based on Bitcoin Ordinals. The Bitcoin NFT market saw a remarkable 80% growth week-over-week, achieving an impressive $168.5 million in sales. Meanwhile, Ethereum’s NFT sales amounted to $162 million during the same timeframe.
In the past 24 hours, the price of Bitcoin NFT NodeMonkes has increased by more than 25% to 0.89 BTC ($56,500), with a market value of $565 million, surpassing Pudgy Penguins and MAYC, becoming the third NFT with the highest market value, second only to CryptoPunks and BAYC .…
— Wu Blockchain (@WuBlockchain) March 4, 2024
Bitcoin Ordinals, launched in January 2023, has played a significant role in this shift in the NFT market. This new approach allows users to link files, such as images, with satoshis (the smallest unit of Bitcoin), effectively creating NFT-like assets on the Bitcoin blockchain.
Notably, three of the top five best-selling NFT collections of the week were based on Bitcoin Ordinals. The uncategorized Ordinals led the sales, generating over $43 million through more than 47,000 transactions.
Close on its heels was the NodeMonkes collection, a unique series of 10,000 pixelated profile pictures (PFP-style Ordinals) based on Bitcoin. NodeMonkes saw over $41 million in sales, marking a nearly 170% increase from the previous week.
The Rise of Bitcoin NFT and NodeMonkes
NodeMonkes, which launched in December, is touted as the first collection of 10,000 on Bitcoin. Despite other collections of the same size emerging earlier, the NodeMonkes team etched their collection onto the blockchain in February 2023, just a month after the launch of Ordinals.
As of March 2, NodeMonkes’ market capitalization exceeded $500 million, making it the third-largest PFP-style NFT collection across all blockchains, second only to the Ethereum-based Bored Ape Yacht Club (BAYC). One “monke” even sold for over $1 million in Bitcoin.
Recently, the Bitcoin NFT NodeMonkes saw a 25% surge, with a floor price of 0.89 BTC, equivalent to $56,500. The collection’s market cap stands at $560,616,371, surpassing that of Pudgy Penguins and MAYC. This trend underscores the growing popularity and acceptance of Bitcoin NFTs, particularly Ordinals. As the NFT market continues to evolve, it remains to be seen how Ethereum will react to this new competitor.
