Bitcoin NFT Sales Surge by 80%: NodeMonkes Collection Leads the Way
Bitcoin NFTs have experienced an extraordinary surge, surpassing Ethereum NFTs with an incredible 80% increase in sales within a week. This impressive growth is primarily attributed to Bitcoin Ordinals-based NFT collections, with the NodeMonkes collection playing a pivotal role in driving this trend. Notably, three out of the top five best-selling NFT collections in the past week were based on Bitcoin Ordinals, underscoring the soaring popularity of Bitcoin NFTs.
The sales of Bitcoin NFTs reached a staggering $168.5 million, showcasing an immense 80% growth week-over-week. In contrast, Ethereum’s NFT sales amounted to $162 million. This significant shift can be largely attributed to the introduction of the Ordinals platform in January 2023. The platform enables the creation of NFT-like assets on the Bitcoin network by embedding files into satoshis, thereby contributing substantially to this upward trajectory.
The NodeMonkes collection, which features 10,000 distinctive pixelated profile pictures, has emerged as a leading collection within the Ordinals ecosystem, amassing over $11 million in sales. Additionally, other notable Bitcoin Ordinals collections like the Uncategorized Bitcoin Ordinals and Natcats have also witnessed remarkable sales figures. Notably, NodeMonkes has become the third-largest PFP-style (Profile Picture) NFT collection across all blockchains, boasting a market capitalization of over $500 million. The collection stands only behind the Ethereum-based Bored Ape Yacht Club.
The increasing popularity and positive market sentiment surrounding Bitcoin NFTs are expected to bolster investor confidence and foster a more dynamic ecosystem. As of the time of this analysis, Bitcoin was trading at $65,015.57, indicating a 5.16% increase in the last 24 hours. Furthermore, the trading volume experienced a remarkable surge of 107.48% during the same period. The growing disparity between long-term and short-term holders suggests a robust holding pattern, potentially supporting Bitcoin’s current price levels.
Analyst comment
Positive news:
The surge in Bitcoin NFT sales, particularly driven by the NodeMonkes collection, demonstrates the growing popularity of Bitcoin NFTs. With an 80% increase in sales, Bitcoin NFTs have surpassed Ethereum NFTs. This positive market sentiment is expected to boost investor confidence and contribute to a more dynamic ecosystem. Bitcoin’s trading price has also seen a 5.16% increase in the last 24 hours, indicating potential support for its current price levels.
