Bitcoin NFTs Outshine Ethereum with $168.5 Million in Weekly Sales
Bitcoin (BTC) non-fungible token (NFT) sales have surpassed Ethereum (ETH) in the past seven days, driven by a surge in Bitcoin Ordinals-based NFT collections. The Bitcoin NFT market experienced an 80% week-over-week growth, reaching $168.5 million in sales, while Ethereum generated $162 million in NFT sales during the same period.
Ordinals Revive Bitcoin NFTs
The rise of Bitcoin Ordinals has significantly contributed to this shift in the NFT landscape. Launched in January 2023, Ordinals introduced a unique approach by allowing users to associate files with satoshis (sats), creating NFT-like assets on the Bitcoin blockchain.
- Three out of the top five best-selling NFT collections of the week were Bitcoin Ordinals-based.
- The uncategorized Ordinals generated over $43 million worth of sales through more than 47,000 transactions.
- The NodeMonkes collection, a Bitcoin-based series of 10,000 unique pixelated profile picture (PFP)-style Ordinals, recorded over $41 million in sales.
- The Natcats collection secured the fourth position with over $10 million in sales.
NodeMonkes claims to be the first 10,000-strong collection on Bitcoin and has gained significant market capitalization, surpassing $500 million and becoming the third-largest PFP-style NFT collection across all blockchains.
NFT Market Sees a Resurgence
The market for NFTs has been on an upward trend recently, coinciding with the recovery in crypto prices. In October, NFT trading volume surged by $99 million, reaching $405 million. Additionally, sales of NFTs on the Bitcoin network reached a milestone in December 2023, surpassing $881 million for the first time ever.
The Musée d’Orsay, a renowned museum in Paris, is also venturing into the world of blockchain and digital art with its first-ever commission of an on-chain NFT exhibition. The museum is set to release a collection of tokenized artwork titled “The Convergence of Breath,” minted on the Tezos blockchain.
Hot Take: Bitcoin NFTs Gain Momentum
Bitcoin NFTs have gained significant momentum in the past week, surpassing Ethereum in sales volume. This surge can be attributed to the rise of Bitcoin Ordinals and their unique approach to creating NFT-like assets on the Bitcoin blockchain.
NodeMonkes, one of the top-selling Bitcoin Ordinals-based collections, has experienced exponential growth and gained a market capitalization of over $500 million. This success can be attributed to its meaningful provenance as the first PFP-style NFT collection on “the first chain ever.”
The resurgence of the NFT market as a whole is evident with increasing trading volumes and new initiatives like the Musée d’Orsay’s on-chain NFT exhibition. As crypto prices recover, it is expected that the NFT market will continue to thrive.
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