Bitcoin: Surge in NFT Sales, $425 Million in One Week!

The NFT market on the Bitcoin blockchain has seen remarkable growth over the past week. The numbers speak for themselves. Sales total about $425.63 million. This burgeoning market is displaying an interesting dynamic, even surpassing Ethereum’s NFT sales.

Bitcoin NFTs: An Impressive Sales Rate

Over the past week, Bitcoin NFTs have shown an impressive sales rate, particularly Ordinals Inscriptions. This trend started in November and continued into December. Cryptoslam data shows a sale of $425.63 million. Numbers that far exceed those of Solana, which recorded $104 million in seven days. Ethereum, which is traditionally at the forefront of NFT sales, is relegated to third place with $79.98 million in sales over the past week.

Regarding the marketplaces facilitating the sales of Bitcoin-based NFTs, the top trio as of December 20, 2023, were identified as Okx, Unisat, and Magic Eden. Okx dominates with a market share of over 85%.

A Good Market Momentum

The market values are also considerable. BTC Frog NFT 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, about $8.43 million, in the space of a week. The Bitcoin Frogs collection reached a total of 328.95 BTC, equating to $14.35 million in sales.

Bitcoin Ordinals inscriptions do not reach the value of Ethereum’s leading NFT collections such as Cryptopunks and Bored Ape Yacht Club (BAYC). However, they are rapidly gaining recognition. The past week has demonstrated the ability of Bitcoin NFTs to hold their ground in the market. Bitcoin Ordinals could steal the spot from Ethereum, which has long been the number one in NFT collections.