Approximately $425 million worth of Bitcoin NFTs have been sold in the last seven days.
Nearly $425.63 million worth of non-fungible tokens (NFTs) created on the Bitcoin blockchain have changed hands in the last seven days. During this time, the top 10 NFT collections—called Ordinal Inscriptions—had a strong foundation in the Bitcoin ecosystem and saw substantial trade volumes; their prices set a high standard for digital collectibles. All of these collections came from the BTC blockchain.
Ordinal inscriptions, a kind of NFT, have sold very well throughout the last six weeks. When Bitcoin’s NFT sales topped Ethereum’s in November, this pattern began and has continued through December. Data from cryptoslam.io shows that last week, BTC made $425.63 million in NFT sales, which was much over second-place Solana’s total of $104 million. With over $79.98 million in sales within the same time, Ethereum, which has typically been at the forefront of NFT sales, now ranks third.
Looking at the markets that allow NFT sales using Bitcoin, the top three as of December 20, 2023 are Okx, Unisat, and Magic Eden. With more than 85% of the market share, Okx is clearly the leader in this area. According to Dune Analytics, Unisat comes in second with 8.3% of the market, and Magic Eden takes up about 4.3%. Among the NFT collections based on Bitcoin, Magic Eden’s seven-day market data shows that Bitcoin Frogs has been the most traded.
According to market valuations, the lowest price for a BTC Frog NFT was 0.395 BTC, which is $17,241 at the current Bitcoin exchange rate. The BTC Frogs reached a sales volume of 193.26 BTC, or $8.43 million, in only one week, according to Magic Eden. The collection made $14.35 million, or 328.95 BTC, across all of the outlets that listed Bitcoin Frogs. Along with bitmap and early sub-100K Ordinals (meaning they were coined before the 100,000th mark), other noteworthy collections over the last week include Bitcoin Punks, Ordinal Maxi, Fuzzy Fox, and early sub-10K Ordinals.
The value of Bitcoin Ordinal Inscription collections is quickly rising, and they will soon be on par with the most prominent Ethereum NFT collections like Cryptopunks, Bored Ape Yacht Club (BAYC), and Mutant Ape Yacht Club (MAYC). In terms of market capitalization, Cryptopunks is well ahead of Bitcoin Frogs, which sits at $172 million, with a staggering $1.14 billion. In contrast, Bitcoin Frogs’ market valuation is more in line with that of MAYC ($224 million) and BAYC ($572 million).
Significant sales and a change in the ranking of top NFT collections have contributed to a boom in the Bitcoin-based NFT market during the last week. Ordinal inscriptions based on Bitcoin are making a big splash and attracting attention with their market valuations and sales volumes, even if Ethereum has always been the front-runner in the NFT area. The impact of these developments on the NFT industry as a whole will be fascinating to watch as the environment changes.
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