Blue-chip NFTs Sold Off as Investors Move to Bitcoin NFTs, Sales Quadruple

Blue-chip NFTs Sold Off as Investors Move to Bitcoin NFTs, Sales Quadruple


The Rise of Bitcoin Ordinals in the NFT Market

Recently, the non-fungible token market has seen significant growth and has caught the attention of businesses, institutions, and crypto investors. One of the projects that have gained momentum is the Bitcoin Ordinals, which operates on the Bitcoin blockchain network. They have experienced a surge in sales, surpassing Ethereum NFT sales for the first time in the short history of crypto.

Bitcoin Ordinals Sales Surge

According to data from CryptoSlam.io, a market aggregator, Bitcoin Ordinals have seen a four-fold increase in sales volume in the past 24 hours, reaching $31 million. This surge has outperformed Ethereum-based NFTs, which only recorded a trading volume of $7.7 million during the same period. It is evident that many NFT investors have shifted their focus from Ethereum NFTs to Bitcoin Ordinals.

READ NOW
Crypto analyst reveals link between several hacks 🕵🏻‍♂️

The top-selling NFT collections currently consist of Bitcoin-based NFTs, including the Van Gogh NFT collection, which leads the category with a trading volume of $4.3 million. Additionally, BRC-20 NFT collections, such as $SAT, $RAT, and $BTCs, dominate the subsequent nine ranks. Meanwhile, blue-chip NFTs have lost their initial hype, with collections like Bored Ape Yacht Club and Mutant Ape Yacht Club experiencing a decline in sales volume.

Hot Take: The Changing Landscape of NFT Sales

Read Disclaimer
This page is simply meant to provide information. It does not constitute a direct offer to purchase or sell, a solicitation of an offer to buy or sell, or a suggestion or endorsement of any goods, services, or businesses. Lolacoin.org does not offer accounting, tax, or legal advice. When using or relying on any of the products, services, or content described in this article, neither the firm nor the author is liable, directly or indirectly, for any harm or loss that may result. Read more at Important Disclaimers and at Risk Disclaimers.

The shift of focus from Ethereum-based NFTs to Bitcoin Ordinals signals a changing landscape in the NFT market. As Bitcoin-based NFTs continue to gain momentum, the once dominant Ethereum NFTs are facing tough competition. This shift may lead to a new era of dominance for Bitcoin-based NFTs and could reshape the future of the NFT market as a whole.

READ NOW
Binance launches Binance Megadrop: Token platform with airdrops and web3 quests! 🚀
READ NOW
Binance boosts stability by converting user emergency fund assets into USDC 🚀
Author – Contributor at Lolacoin.org | Website

Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.