A remarkable development has seen Bitcoin quickly advance to second place in non-fungible token (NFT) sales per blockchain. This challenges Ethereum’s long-head lead. According to data from the Web3 platform CryptoSlam, Bitcoin-based NFTs have earned almost $167 million over the last 30 days. It solidifies their status as a major player in the NFTs sector.
Interestingly, the concept of Bitcoin NFTs was virtually non-existent until the activation of inscriptions on the Bitcoin main net in January 2023. Since then, the NFTs market on Bitcoin has experienced exponential expansion, driving up prices and boosting user interest. The $167 million statistic highlights Bitcoin’s quick rise in the NFTs ecosystem. However, falling short of Ethereum’s astounding nearly -$397 million.
Notably, CryptoSlam reported sales of about $57 million on the Solana network, which is about three times lower than the NFTs sales volume for Bitcoin. This outstanding accomplishment reinforced Bitcoin’s leading position in the NFTs sector.
The Ordinals Protocol is a ground-breaking method that enables the inscription of satoshis, the smallest unit of Bitcoin. Data like JPEG images is what’s driving Bitcoin’s rapid development in the NFTs arena. In February, Yuga Labs introduced their Ordinals-based collection, despite facing opposition from the Bitcoin community. This introduction played a pivotal role in accelerating the adoption of the Ordinals Protocol. As a result of this action, the Bitcoin NFT market experienced fast expansion.
With an incredible $6.3 million in sales over the last seven days, CryptoSlam currently names the Bitcoin Frogs collection as the top Bitcoin-based NFTs collection. Last week, the collection saw an increase in demand, generating $2.3 million in sales on May 17 alone.
The emergence of Bitcoin as the second-largest NFT sales blockchain marks a significant turning point in the development of the digital asset landscape. This milestone highlights the growing influence and adoption of Bitcoin in the world of non-fungible tokens. Although Ethereum has historically dominated the NFTs market, Bitcoin’s current rise reflects the currency’s expanding use. Moreover, it is important in the creative and collectible digital sector.
The impact of Bitcoin’s recent rise to prominence on the future of the expanding and evolving NFT market remains uncertain. However, Bitcoin’s robust ecosystem, cutting-edge protocols, and increasing sales volume position it to become a key player in the non-fungible token market. As Bitcoin continues to solidify its presence and gain adoption, it has the potential to shape and redefine the dynamics of the NFT space.