NodeMonkes Overtakes Bored Ape Yacht Club in Market Capitalization
In a surprising turn of events, NodeMonkes, a Bitcoin Ordinals project, has surpassed the market capitalization of the popular Ethereum-based NFT collection, Bored Ape Yacht Club (BAYC). According to cross-chain NFT marketplace Magic Eden, NodeMonkes currently holds a market capitalization of 7,300 BTC, equivalent to around $490 million. In comparison, BAYC’s market capitalization stands at 136,500 ETH, or approximately $483 million. While BAYC has since regained its position, there remains a narrow gap of less than $30 million between the two collections.
The Rise of NodeMonkes
NodeMonkes is a collection of 10,000 8-bit monkey-themed digital collectibles that was launched in December. The market cap of an NFT project is determined by multiplying the floor price by the number of assets in the collection. In February, NodeMonkes #2769 was sold for 17 BTC (around $1.08 million at the time) on Magic Eden, highlighting the growing demand for Bitcoin Ordinals projects.
Recently, NodeMonkes experienced a significant surge in its floor price. Within just 12 hours on Sunday, the floor price rose from 0.53 BTC to 0.83 BTC before settling at 0.67 BTC. This upward movement contributed to NodeMonkes overtaking BAYC in terms of market capitalization.
Bitcoin Ordinals Projects Gain Momentum
The success of NodeMonkes is reflective of the rising demand for Bitcoin Ordinals projects in recent months. As the price of Bitcoin reaches new all-time highs, these projects have seen increased trading volume and value appreciation. Over the past week, Ordinals projects have accumulated $135 million worth of trading volume, while Ethereum NFTs have recorded $113 million in sales volume, according to data from CryptoSlam.
Another notable Ordinals project that has experienced a surge in value is Runestone. Following an airdrop on March 14, the collection of 112,383 tokens on Bitcoin quickly became one of the top three most-traded NFT projects, with $5.3 million in trading volume within 24 hours. The main event for Runestone is set to occur after the Bitcoin halving in April when the Rune token protocol by Ordinals creator Casey Rodarmor goes live.
Bored Ape Yacht Club’s Response
Not wanting to miss out on the initial interest in Ordinals projects, Bored Ape Yacht Club creator Yuga Labs introduced its own collection of Ordinal inscriptions called TwelveFold. This series consists of 300 generative NFT art pieces. Yuga Labs co-founder Greg Solano expressed excitement about Ordinal inscriptions and the future of digital artifacts on Bitcoin.
Hot Take: NodeMonkes Shakes Up the NFT Market
The recent achievement of NodeMonkes overtaking Bored Ape Yacht Club in market capitalization highlights the growing prominence and potential of Bitcoin-based NFT projects. With NodeMonkes leading the way, Bitcoin Ordinals projects are gaining momentum and attracting significant attention from investors and collectors. As Bitcoin continues to reach new heights, these projects offer a unique and exciting opportunity for individuals looking to participate in the NFT space.
The success of NodeMonkes also showcases the dynamic nature of the NFT market, where different collections can quickly rise and fall in popularity and value. It serves as a reminder that the NFT landscape is constantly evolving, with new projects emerging and challenging established players.
As the crypto industry continues to evolve, it will be interesting to see how Bitcoin-based NFT projects like NodeMonkes shape the future of the digital collectibles market. The competition between Ethereum-based collections like Bored Ape Yacht Club and Bitcoin Ordinals projects adds an exciting element to the NFT ecosystem, driving innovation and pushing boundaries.
Ultimately, NodeMonkes’ achievement is a testament to the potential of Bitcoin as a platform for NFTs and its ability to attract both creators and collectors. The rise of Bitcoin Ordinals projects signifies a new era in the world of digital art and collectibles, where Bitcoin’s unique properties and growing popularity are harnessed to create valuable and sought-after assets.
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