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In the past month, recent data reveals that sales of non-fungible tokens (NFTs) originating from the Bitcoin blockchain have surged to $173.28 million. Surpassing 20 alternative blockchain networks, Bitcoin-based $NFT sales now secure the second position in the realm of blockchain sales, with only Ethereum reigning supreme.
Bitcoin-Based NFTs Storm the Market, Surpassing 20 Blockchain Competitors
Amidst the fervor surrounding the Ordinal inscription trend, Bitcoin-based NFTs have skyrocketed in popularity. The sales amassed over the past 30 days firmly established the network as the second-largest in terms of sales within this time frame. While Ethereum $NFT sales saw $392.23 million, this past month Bitcoin sales tallied up to $173.28 million, up 408.29% from the month prior.
However, there has been a significant 47% decline in the number of buyers for Bitcoin-based NFTs, totaling 6,955 over the course of the past 30 days. Insights from cryptoslam.io data highlight that the leading $NFT collection, in terms of sales during this period, is the Bored Ape Yacht Club (BAYC).
The BAYC collection garnered $39,307,853 in sales over the past month, closely followed by the Ordi BRC20 NFTs, which amassed a slightly lower amount at $38,375,984. Noteworthy sales also transpired within other Bitcoin-centric $NFT collections, including uncategorized Ordinals, as well as Space Pepes.
Sales from uncategorized Ordinals reached $23,508,299, while Space Pepes accumulated $12,247,480 in sales. Additionally, the Bitcoin Frogs $NFT collection hopped its way to $9,849,639, while $NALS NFTs secured around $6,818,592 in sales over the past 30 days. The Bitcoin blockchain took center stage as the birthplace of the top five most expensive $NFT transactions during this period.
These included a $4.5 million sale of a Space Pepe, as well as three uncategorized Ordinals that fetched prices exceeding a million dollars each. A Bitamigos $NFT, for its part, commanded a $1.3 million price tag. It is also worth noting that nine out of the top-priced NFTs sold last month were derived from Bitcoin.
As of May 24, 2023, the Bitcoin blockchain has surpassed nine million inscriptions, coinciding with the surge in Bitcoin-based $NFT sales. This trend has rewarded miners with an estimated value of approximately 1,495 BTC or $40.27 million since the emergence of inscriptions on the chain.
Initially, skepticism surrounded the ability of Bitcoin to generate sufficient $NFT activity to rival prominent $NFT blockchains such as Solana and Polygon. However, the oldest blockchain network in existence so far has demonstrated its prowess as a formidable competitor.
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