Bitcoin NFTs, led by NodeMonkes, surpass Ethereum in weekly sales with a record $168.5 million.
Bitcoin’s dominance in the nonfungible token (NFT) market has seen a significant surge, overtaking Ethereum in weekly sales. The recent data highlights an 80% increase in Bitcoin NFT transactions, reaching a whopping $168.5 million in sales over the past week. Bitcoin Ordinals led this surge, particularly the NodeMonkes collection, which played a crucial role in this shift.
Ordinals, a novel feature introduced in January 2023, has revolutionized Bitcoin’s role in the NFT space by allowing the embedding of digital assets, like images, into Bitcoin’s smallest units, known as satoshis. This innovation has not only broadened Bitcoin’s utility but also its appeal in the digital collectibles market.
The resurgence of Bitcoin NFTs mainly comes from the widespread interest in Ordinals. Collections such as NodeMonkes have become the center of attention, recording over $41 million in sales, which marks a near 170% jump from the preceding week. This collection, along with others like Natcats, has been instrumental in driving Bitcoin’s NFT sales volume past Ethereum’s $162 million tally.
NodeMonkes, in particular, has established itself as a leading collection within the Bitcoin blockchain. Despite other 10,000 unit collections preceding it, NodeMonkes’ launch in February 2023 set a new benchmark by becoming the first of its magnitude to be permanently recorded on the Bitcoin blockchain. This strategic move has not only bolstered its market presence but also its valuation, with its market capitalization soaring to over $500 million as of early March.