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.
