The volume of NFT sales on the bitcoin network increased to $425.63 million in a week

The volume of NFT sales on the bitcoin network increased to $425.63 million in a week

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by Max Nevskyi

3 years ago

In the last one and a half months, there has been active trading of NFTs on the Bitcoin blockchain, also known as Ordinals. In November, the sales volume of NFTs on this network exceeded token sales on Ethereum, and this trend continues into December.

Data from Cryptoslam.io shows that the Bitcoin-NFT sales volume this week has reached $425.63 million. Second place is held by Solana with $104 million. Ethereum, which previously led in NFT sales, is now in third place with sales volume of $79.98 million for the past week.

Currently, in the NFT sales sphere based on Bitcoin, the top three collections include Okx, Unisat, and Magic Eden. As of December 20, 2023, Okx still holds the lead with over 85% market share.

According to data from Dune Analytics, Unisat holds second place with an 8.3% share, and Magic Eden takes third place with approximately 4.3% market share. The most popular Bitcoin-NFT collection on Magic Eden last week was Bitcoin Frogs.

The minimum price of NFT Bitcoin Frogs was 0.395 BTC, which is equivalent to $17,241 at the current exchange rate. The sales volume of Bitcoin Frogs on the Magic Eden platform for the past week reached 193.26 BTC (approximately $8.43 million).

If we consider data from all platforms where NFT Bitcoin Frogs are available, the total sales volume of this collection for the week was 328.95 BTC, which is equivalent to $14.35 million. Among other significant collections this week, the following can be highlighted: Bitmap, early Ordinals released in the first 100,000, MNCHRMS, Bitcoin Punks, Ordinal Maxi, Fuzzy Fox, and the first 10,000 Ordinals.

Despite the fact that the Ordinals collection has not yet reached the value of leading NFT collections on Ethereum, such as Cryptopunks, Bored Ape Yacht Club (BAYC), and Mutant Ape Yacht Club (MAYC), it is quickly establishing its place in the world of non-fungible tokens.

The market value of Cryptopunks is $1.14 billion, significantly surpassing the market capitalization of Bitcoin Frogs at $172 million. However, the market capitalization of Bitcoin Frogs is more comparable to the capitalization of BAYC, estimated at $572 million, and MAYC with a market capitalization of $224 million.

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