Bitcoin NFT Sales Outrun Ethereum, Led by Ordinals-based Collection NodeMonkes
Summary:
Driven by a sudden increase in Bitcoin Ordinals-based NFT collections like NodeMonkes, Bitcoin-based NFT sales have recently outperformed Ethereum. Sales surged 80% over the past week to $168.5 million, despite Bitcoin's buyer base being half the size of Ethereum's. NodeMonkes, the first Bitcoin NFT collection with 10,000 unique pixelated profile pictures, has garnered significant attention, leading it to achieve a market capitalization of over $500 million. Despite the unclear reasons behind its sudden popularity, its unique provenance as the first of its kind could be drawing speculative investors.
Sales of Bitcoin-based nonfungible tokens (NFTs) have recently overtaken Ethereum, driven largely by a sudden rise in Bitcoin Ordinals-based NFT collections, with NodeMonkes leading the charge. In the past week alone, sales of Bitcoin NFTs have surged by 80%, reaching a total of $168.5 million. Three of the top five most popular NFT collections for the week were rooted in Bitcoin Ordinals. Despite fewer buyers compared to Ethereum, Bitcoin outperformed with sales totaling $162 million, as per data from CryptoSlam!
Ordinals, launched in 2023, enables users to create NFT-like assets by incorporating files such as images onto satoshis - the smallest unit of Bitcoin. Of all sales, "Uncategorized Ordinals" commanded the greatest share, with sales exceeding $43 million in over 47,000 transactions.
Following closely was the Bitcoin-based collection NodeMonkes, with over $41 million in sales - a near 170% leap from the previous week. Natcats from the Ordinals collection claimed the fourth spot with over $10 million in sales for the week.
NodeMonkes, a collection of 10,000 unique pixelated profile pictures originally introduced in December, purports to be Bitcoin's first 10,000-strong collection. Although other similar-sized Ordinals collections existed before, NodeMonkes marked their collection onto the blockchain only a month after the Ordinals launch.
The market capitalization of NodeMonkes surged past $500 million, as per a March 2 post by user "NFTstats," ranking it third among profile-picture style NFT collections across all blockchains, trailing just behind the Ethereum-based Bored Ape Yacht Club. This swift displacement of the Pudgy market cap set NodeMonkes on the third spot in the global profile picture NFT collections.
The reason for the recent surge in popularity of this collection is not entirely clear. However, GRAYCRAFT NFT collection founder, Kevin Wu, opined in a February 22 post that NodeMonkes, being the first of its kind on "the first chain ever," holds a "meaningful provenance." This fact, according to Wu, provides a compelling narrative that might be drawing speculative investors towards the collection.
Published At
3/4/2024 6:29:17 AM
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