According to CryptoSlam, a Web3 data platform, Bitcoin-based non-fungible tokens (NFTs) have quickly risen in popularity ranking second in terms of NFT sales per blockchain in the past 30 days. This indicates a growing demand and interest in Bitcoin-themed NFTs within the NFT market.
In that time, Bitcoin NFTs have generated $167 million in gross sales. While this amount is lower compared to Ethereum’s $397 million, Bitcoin’s NFT sales outperform those on the Solana network by nearly three times, which amounted to around $57 million.
The intense rise of the Ordinals Protocol is likely the main reason behind Bitcoin’s swift rise in the NFT space. This mechanism allows for the inclusion of data, such as a JPEG, onto Satoshis, the smallest unit of bitcoin.
In March 2023, Yuga Labs, a popular NFTs creator, made headlines after announcing that they made over $16 million (735.7 bitcoin) from the auction of 300 Bitcoin NFTs in the TwelveFold collection drawing a lot of attention to Bitcoin NFTs.
The emergence of ordinals has also caused a significant surge in the usage, fees, and storage space of the Bitcoin Network, with BRC-20 token transactions now accounting for the majority of ordinals activity on Bitcoin blockchain.
The BRC-20 token standard is a framework on the Bitcoin blockchain that allows programmers to create and send fungible tokens via the Ordinals protocol.
During the first half of May 2023, the total market capitalization of BRC-20 memecoins surpassed $1 billion, driven by increasing hype and interest. Currently, the market capitalization of BRC-20 tokens stands at $447 million.
Traders seeking to capitalize on the recent surge in popularity are the main contributors to the trading volumes of BRC-20 tokens. Over 8,500 unique tokens have been created using the BRC-20 standard, with memecoins like $PEPE and Memetic ($MEME) comprising the majority of these BRC-20 tokens.
Bitcoin Frogs, a non-fungible token (NFT) fashioned after frogs, recently became the most-traded collection in 24 hours, surpassing even prominent collections, such as Bored Apes.
According to data from CryptoSlam, the collection of 10,000 unique frog collectibles minted on the Bitcoin Blockchain achieved a trading volume exceeding $2.2 million since its launch in late February 2023. As of this writing, each NFT in the collection is being sold for 0.12 bitcoin (BTC), which is equivalent to over $3,200. Buyers and sellers are incurring trading fees ranging from $50 to over $1,200.
At the time of writing, BitAmigos, another Bitcoin NFT collection, is ranked second in 24-hour trade volumes.
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