Non-fungible tokens (NFTs) have traditionally been linked with the Ethereum blockchain, but a recent rise in Bitcoin-based NFTs has moved them to second place in NFT sales per blockchain.
Introduction
This article examines the fast emergence of Bitcoin NFTs, the causes that have led to their success, and significant collections that have contributed to their success.
Bitcoin NFTs come in second.
According to CryptoSlam, a Web3 data portal, Bitcoin NFTs have swiftly reached to the second rank for NFT sales per blockchain, an astounding result given their brief presence prior to the Bitcoin mainnet permitting inscriptions in January 2023. Bitcoin NFTs have produced around $167 million in sales in the last thirty days, following only Ethereum's remarkable $397 million. This spike in popularity puts Bitcoin NFTs roughly three times ahead of the Solana network in terms of sales volume, with the latter gathering approximately $57 million.
The Ordinals Protocol is driving Bitcoin's rise in the NFT space.
The Ordinals Protocol, which permits the inscription of satoshis, the smallest unit of bitcoin, with data such as JPEGs, is responsible for Bitcoin's fast ascension in the NFT arena. Despite some criticism from the Bitcoin community, the Ordinals Protocol gained traction when NFT giant Yuga Labs announced their own Ordinals-based collection in February. This action produced a lot of buzz and money into the adoption of Bitcoin-based NFTs, which fueled their appeal even more.
Important Bitcoin NFT Collections
Bitcoin Frogs is a well-known Bitcoin NFT collection that has recently gained popularity. According to CryptoSlam, Bitcoin Frogs has sold $6.3 million in the last seven days, with a substantial increase of $2.3 million in sales on May 17. The popularity of this collection shows the rising demand for and interest in Bitcoin NFTs.
Conclusion
Bitcoin NFTs have rapidly gained importance in the NFT industry, ranking second in terms of NFT sales per blockchain. Bitcoin-based NFTs have garnered significant sales statistics in a very short time, thanks to the Ordinals Protocol and the publication of prominent collections such as Bitcoin Frogs. It's exciting to see Bitcoin carve out its own niche and gain popularity in the area of digital collectibles as the NFT market evolves.
Disclaimer: The material in this article is intended only for educational reasons and should not be construed as financial or investment advice. Individuals should perform their own research and take care while participating in NFT purchases or investments since cryptocurrency investments are risky.
Reference:
URL: https://www.coindesk.com/web3/2023/05/22/in-nft-sales-bitcoin-jumps-to-no-2-spot-in-a-matter-of-months/
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