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In the last week, markets for non-fungible tokens (NFTs) minted on top of Bitcoin have generated approximately $425.63 million in sales. The leading ten $NFT collections over the seven-day period all originate from the Bitcoin blockchain. Several collections of Ordinal inscriptions based on Bitcoin are witnessing substantial trading volumes, establishing strong baseline values for these digital collectibles.
Bitcoin $NFT Market Continues to Evolve
In the past six weeks, Bitcoin-based NFTs, also known as Ordinal inscriptions, have been selling at an impressive rate. In November, $NFT sales from Bitcoin exceeded those from Ethereum, and this trend has persisted into December.
Data from cryptoslam.io this week reveals that Bitcoin achieved $425.63 million in $NFT sales, surpassing the runner-up Solana, which recorded $104 million in seven days. Ethereum, previously the frontrunner in $NFT sales, now ranks third with approximately $79.98 million in sales over the seven-day period.
Currently, the leading trio of marketplaces in the realm of Bitcoin-based $NFT sales comprises Okx, Unisat, and Magic Eden. As of Dec. 20, 2023, Okx has a commanding lead, holding over 85% of the market share in this niche.
Unisat follows with an 8.3% share, while Magic Eden captures about 4.3%, according to data from Dune Analytics. In the past week, Magic Eden’s seven-day market data reports that Bitcoin Frogs has been the most traded collection in the $BTC-based $NFT space.
As for the market value, a Bitcoin Frog $NFT had a floor price of 0.395 $BTC, equivalent to $17,241, based on the current $BTC exchange rates. Magic Eden saw Bitcoin Frogs reach 193.26 $BTC in sales volume, amounting to $8.43 million, within a week.
Across various platforms listing Bitcoin Frogs, the collection amassed a total of 328.95 $BTC, or $14.35 million in sales. This week’s other notable collections include bitmap, early sub-100K Ordinals indicating they were minted before the 100,000th mark, MNCHRMS, Bitcoin Punks, Ordinal Maxi, Fuzzy Fox, and early sub-10K Ordinals.
Bitcoin Ordinal inscription collections, although not quite matching the value of leading Ethereum $NFT collections such as Cryptopunks, Bored Ape Yacht Club (BAYC), and Mutant Ape Yacht Club (MAYC), are rapidly approaching their stature.
The market valuation of Cryptopunks stands at $1.14 billion, significantly overshadowing the $172 million market cap of Bitcoin Frogs. Yet, the market cap of Bitcoin Frogs is more comparable to that of BAYC, valued at $572 million, and MAYC, with a market cap of $224 million.
What do you think about Bitcoin-based $NFT sales leading the ranks? Share your thoughts and opinions about this subject in the comments section below.