Bitcoin nonfungible tokens (NFTs) have outperformed Ethereum in weekly sales for the first time, thanks to a massive spike in demand for Bitcoin Ordinals-based NFTs, especially the NodeMonkes collection.
According to CryptoSlam! data, Bitcoin NFTs recorded a whopping $168.5 million in sales in the past seven days, an 80% increase from the previous week.
Three of the top five NFT collections by sales were based on Bitcoin Ordinals, a protocol that allows users to create NFT-like assets by embedding files into satoshis, the smallest unit of Bitcoin.
The most popular Bitcoin Ordinals-based collection was NodeMonkes, a set of 10,000 pixelated profile pictures that claimed to be the first on Bitcoin. NodeMonkes raked in over $41 million in sales, a 170% jump from the week before.
The second-most popular collection was Uncategorized Ordinals, which generated over $43 million in sales from more than 47,000 transactions. The fourth-most popular collection was Natcats, another Bitcoin Ordinals-based set of cute and colorful cats, which sold over $10 million worth of NFTs.
Bitcoin NodeMonkes Breaks Records
NodeMonkes, which launched in Dec and was etched onto the blockchain in Feb 2023, has seen its market capitalization soar to over $500 million, making it the third-largest profile picture NFT collection across all blockchains, behind only the Ethereum-based Bored Ape Yacht Club (BAYC), according to X user “NFTstats”.
The reason behind the sudden popularity of NodeMonkes is not apparent. Still, some speculate that it is due to its unique provenance as the first profile picture NFT collection on Bitcoin, the first blockchain ever. However, NFT collection GRAYCRAFT founder Kevin Wu wrote in a Feb. 22 X post that NodeMonkes has a “great competing narrative” that could attract speculative investors.
Bitcoin NFTs have shown they can compete with Ethereum in the booming NFT market, which has seen record-breaking sales and valuations in recent months. Also, with Bitcoin Ordinals, Bitcoin users can enjoy the benefits of NFTs without dealing with high fees, slow transactions, and environmental concerns that plague Ethereum.
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