The market for NFTs issued on the Bitcoin blockchain has seen remarkable growth over the past week. The numbers speak for themselves. Sales total approximately $425.63 million. This new and growing market is showing interesting dynamics, even surpassing Ethereum’s NFT sales.
NFT Bitcoin: an impressive sales rate
Over the past week, Bitcoin NFTs have posted a impressive sales rate, especially the inscriptions on Ordinals. This trend started in November and continued through December. Cryptoslam data display a sale of $425.63 million. Figures which far exceed those of Solana which recorded $104 million in seven days. Ethereum, which traditionally ranks first in NFT sales, is relegated to third place. It recorded $79.98 million in sales over the past week.
Concerning marketplaces facilitating Bitcoin-based NFT sales, we identified the leading trio as of December 20, 2023. We find Okx, Unisat and Magic Eden. Okx dominates with a market share of over 85%.
Good market dynamics
Market values are also considerable. NFT BTC Frog has a floor price of 0.395 Bitcoin, equivalent to $17,241 based on the current Bitcoin price. According to Magic Eden, BTC Frogs had reached a sales volume of 193.26 Bitcoin, or $8.43 million, in the space of one week. The Frogs Bitcoin collection reached a total of 328.95 BTC, or $14.35 million in sales.
Bitcoin Ordinals listings do not reach the value of major Ethereum NFT collections such as Cryptopunks and Bored Ape Yacht Club (BAYC). But they are quickly gaining recognition. The past week has shown the ability of Bitcoin NFTs to hold their own in the market. Bitcoin Ordinals could steal space from Ethereum which has long been the number one in NFT collections.
Maximize your Tremplin.io experience with our ‘Read to Earn’ program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
