The floor price of NodeMonkes, Bitcoin’s leading NFT collection, has surged by over 50% in the past 24 hours, surpassing Bored Ape Yacht Club in market capitalization on Monday morning in Asia, according to CoinGecko data.
The floor price of NodeMonkes has jumped by 53.3% to 0.83 BTC ($55,890) over the past 24 hours, with its market cap expanding to around $558.9 million. This makes NodeMonkes the second-largest NFT collection in terms of market cap, behind CryptoPunks with a market cap of $1.76 billion.
NodeMonkes’ sales have also risen significantly, reaching a sales volume of $5.1 million in the past 24 hours. In comparison, Runestone, another Bitcoin NFT collection, saw a 40.7% surge in floor price and its market cap reached $306.5 million, making it the sixth-largest NFT collection.
Nick Ruck, the COO of ContentFi Labs, believes that the surge in NodeMonkes and Runestone can be attributed to traders moving from Ethereum-based NFTs to Bitcoin NFTs due to rising gas costs and an “exhausted NFT market” on Ethereum.
‘Exhausted’ Ethereum-based NFT market
The move towards Bitcoin NFTs might be partially fueled by rising gas costs and an “exhausted NFT market” on Ethereum. Even popular projects like PudgyPenguins have experienced a decline in value.
In February, the monthly trading volume on Ethereum-based NFT marketplaces fell to $786.5 million from January’s $867.8 million. The trading volume for March so far amounts to $503.1 million.
Hot Take: Bitcoin NFTs gaining momentum as Ethereum market slows down 🔥
The surge in NodeMonkes and Runestone highlights a growing trend of traders moving from Ethereum-based NFTs to Bitcoin NFTs. As gas costs rise and the Ethereum NFT market becomes exhausted, Bitcoin NFTs offer a fresh opportunity for buyers and enthusiasts.
This shift in the market dynamics could have significant implications for the future of NFTs. While Ethereum has been the dominant platform for NFTs, the rise of Bitcoin NFT collections like NodeMonkes and Runestone could signal a new era in the NFT space.
As the popularity of Bitcoin NFTs continues to grow, it will be interesting to see how this impacts the overall market and whether other blockchain platforms will emerge as viable alternatives to Ethereum.
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