Bitcoin Surges To Second Place In NFT Sales In A Matter of Months
According to data platform CryptoSlam, NFTs on Bitcoin have grossed about $167 million in the past thirty days.
By Anna B Kiwanuka
In an astonishing turn of events, Bitcoin-based non-fungible tokens (NFTs) have swiftly ascended to the blockchain’s second-highest-grossing NFTs, as revealed and reported by CryptoSlam, a prominent Web3 data platform. This achievement is particularly remarkable considering that the concept of Bitcoin NFTs was practically non-existent prior to the introduction of inscriptions on the Bitcoin mainnet in January 2023.
Recent data indicates that Bitcoin NFTs have amassed approximately $167 million in sales over the past thirty days, placing them behind Ethereum’s dominant position at nearly $397 million. Nevertheless, Bitcoin NFT sales have soared to almost three times the value of Solana network’s NFT sales, which stand at approximately $57 million, according to CryptoSlam.
The rapid rise of Bitcoin in the NFT space can be attributed to the Ordinals Protocol, an innovative mechanism that allows for the inscription of satoshis, the smallest unit of Bitcoin, with various types of data, including JPEG files. Although the concept has faced its share of criticism within the Bitcoin community, the endorsement of the Ordinals Protocol by NFT giant Yuga Labs, who launched their own Ordinals-based collection in February, has contributed to its wider adoption and generated significant hype and capital.
Currently, the leading Bitcoin-based NFT collection, according to CryptoSlam, is Bitcoin Frogs, which has generated an impressive $6.3 million in sales over the past seven days. The collection experienced a significant surge in sales on May 17, amassing a staggering $2.3 million in just one day. The success of Bitcoin Frogs serves as a testament to the growing popularity and demand for Bitcoin NFTs.
As Bitcoin continues to assert its presence in the NFT market, it poses an intriguing challenge to other blockchain networks and paves the way for further innovation and exploration of the intersection between Bitcoin and non-fungible tokens. With its newfound momentum, Bitcoin’s ascent in the NFT space shows no signs of slowing down, and its impact on the broader digital asset landscape is bound to be profound.
As Bitcoin continues to assert its presence in the NFT market, the future holds exciting possibilities for both global creators and Africa’s vibrant artistic communities, fostering innovation, inclusivity, and economic empowerment in the digital age.