The Growing Bitcoin NFT Market
The market for non-fungible tokens (NFTs) minted on top of the Bitcoin blockchain has seen significant growth in the past week. With total sales reaching approximately $425.63 million, Bitcoin-based NFTs are leading the way in the industry. This trend of Bitcoin outperforming Ethereum in NFT sales has continued into December.
Sales Numbers and Leading Marketplaces
Data from Cryptoslam.io reveals that Bitcoin has achieved the highest NFT sales at $425.63 million, followed by Solana at $104 million. Ethereum, which was previously the frontrunner, now comes in third with $79.98 million in sales. The top marketplaces for Bitcoin-based NFTs are Okx, Unisat, and Magic Eden. Okx has the largest market share at over 85%, followed by Unisat with 8.3% and Magic Eden with 4.3%.
Bitcoin Frogs and Other Notable Collections
Bitcoin Frogs has emerged as the most traded collection on Magic Eden’s BTC-based NFT space, with a sales volume of 193.26 BTC (equivalent to $8.43 million) within a week. Other notable collections include bitmap, early sub-100K Ordinals, MNCHRMS, Bitcoin Punks, Ordinal Maxi, Fuzzy Fox, and early sub-10K Ordinals.
Approaching the Stature of Ethereum NFTs
While Bitcoin NFT collections are not yet on the same level as leading Ethereum collections like Cryptopunks, Bored Ape Yacht Club, and Mutant Ape Yacht Club in terms of market valuation, they are rapidly gaining ground. Bitcoin Frogs, for example, has a market cap of $172 million, comparable to Bored Ape Yacht Club ($572 million) and Mutant Ape Yacht Club ($224 million).
Hot Take: Bitcoin-based NFTs Leading the Way
The Bitcoin blockchain is proving to be a dominant force in the NFT market, with its collections surpassing those of Ethereum in terms of sales. The demand for Bitcoin-based NFTs is increasing, and marketplace platforms like Okx, Unisat, and Magic Eden are enabling users to trade these digital collectibles. Although Bitcoin NFTs have yet to reach the same level of value as Ethereum NFTs, they are quickly gaining traction and approaching their stature. As the NFT market continues to evolve, Bitcoin is expected to play a significant role in its growth and development.
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