Key Points
- Bitcoin NFT sales have surpassed Ethereum’s, with a weekly increase of 80%.
- NodeMonkes collection significantly contributed to this surge in Bitcoin NFT sales.
Sales of Bitcoin NFTs have recently outperformed those of Ethereum.
This is largely due to a sudden increase in Bitcoin Ordinals-based NFT collections.
NodeMonkes Collection Fuels Growth
The NodeMonkes collection has been a major driver of this growth.
Bitcoin NFT sales have seen a remarkable 80% week-over-week surge, reaching $168.5 million.
Interestingly, three out of the top five best-selling NFT collections of the week were based on Bitcoin Ordinals.
In contrast, Ethereum’s NFT sales totaled $162 million.
The Ordinals platform, launched in January 2023, facilitated the creation of NFT-like assets on the Bitcoin network.
This was done by allowing users to embed files, such as images, into satoshis (sats), the smallest unit of Bitcoin.
Top Performers in the Ordinals Ecosystem
The NodeMonkes collection was the top-performing collection within the Ordinals ecosystem, generating over $11 million in sales from more than 100 transactions.
The Uncategorized Bitcoin Ordinals followed closely, achieving over $8 million in sales, which marked a significant 39.51% increase in the last 24 hours.
The NodeMonkes collection, launched in December, is a collection of 10,000 unique pixelated profile pictures (PFP) in the Ordinals style.
It is the first 10,000-strong collection on the Bitcoin blockchain.
While other 10,000-count-Ordinals collections had debuted earlier, the NodeMonkes team etched their creation onto the blockchain in February 2023, just a month after the Ordinals platform was introduced.
At the time of writing, NodeMonkes’ market capitalization had soared to over $500 million, making it the third-largest PFP-style NFT collection across all blockchains.
The popularity of Bitcoin NFTs could further enhance investor confidence and contribute to a more dynamic ecosystem.
At press time, BTC was trading at $65,015.57 and its price had grown by 5.16% in the last 24 hours.
The volume at which BTC was trading had surged by 107.48% during this period.
Moreover, the Long/Short difference for Bitcoin had grown significantly, implying that long-term holders had outnumbered short-term holders.
Long-term holders are less likely to sell their holdings, which may help BTC sustain its current price levels.
