Bitcoin NFTs wreck facts at $425 million in weekly trading
Non-fungible tokens (NFTs) are unique and rare virtual belongings that represent a variety of artwork, tradition, and interests. Usually they may be created and bought on blockchains like Ethereum and Solana, however currently, a new NFT has emerged inside the Bitcoin community, ensuing in marvelous income and attracting collectors and traders within the thoughts of the
These NFTs are referred to as Ordinal texts, or Bitcoin Ordinals, and use a new protocol that assigns each satoshi (a fragment of bitcoin) a serial range and lets in it to encode arbitrary records, which include pics, text, or video. These texts are then completely saved on the Bitcoin blockchain and may be viewed and tested through Ordinal-enabled wallets and web sites
Over the past week, the market for Bitcoin NFT saw incredible activity, with total sales of approximately $425.63 million, according to data from cryptoslam.io Notably, the top ten NFTs were all derived from the Bitcoin blockchain during this period and received a huge trading volume, Bitcoin -A solid foundation and standards were established for the accumulation of digital goods in the ecosystem
Bitcoin NFT outperforms Ethereum and Solana
Bitcoin NFT has generated impressive sales volumes over the past six weeks, with Ethereum and Solana traditionally dominating the NFT space This trend emerged in November, when Bitcoin NFT accounted for over 50% of all NFT sales, and has continued through December, 2015. where Bitcoin NFT -dominates the market
According to data from cryptoslam.io, bitcoin raised $425.63 million in NFT sales last week, more than four times more than second-placed Solana, which raised $104 million in seven days and Ethereum, the former unredeemed leader disputed in NFT sales, now about $79.98 million in the same period It is in third place after doing so.
When we examine the markets that facilitate the trading of bitcoin-based NFTs, the top three are Okx, Unisat and Magic Eden as of December 20, 2023. Unisat follows with a share of 8.3%, and Magic Eden around 4.3%; , Dune Analytics says According to its data . Notably, Magic Eden’s seven-day market data shows that Bitcoin Frog has been the most traded collection in the bitcoin-based NFT space.
Bitcoin eagle and other outstanding collections
Bitcoin Frogs is a collection of 10,000 pixelated frog avatars, each with unique qualities and characteristics, created by an anonymous artist named Froggy The collection launched in November and has since become a bitcoin NFT a the most popular and valuable, priced at 0.395 BTC , . The equivalent of $17,241 based on current BTC exchange rates Magic Eden reported that Bitcoin Frogs had a total sales volume of 193.26 BTC, equivalent to $8.43 million, in one week. On platforms listed as Bitcoin Frogs, the collection raised a total of 328.95 BTC or $14.35 million in sales.
Other notable collections from last week include bitmap, early sub-100K ordinals (meaning they were minted before the 100,000th mark), MNCHRMS, bitcoin punks, ordinal maxi, fuzzy fox, the beginning sub-10K ordinals and pixel-art, abstract shapes in these books , with a variety of styles and themes, including animal figures and punked characters. Depending on the number and type of NFTs, their rarity and rarity also vary.
While Bitcoin Ordinal text collections do not match the value of major Ethereum NFT collections such as Cryptopunks, Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), they are quickly gaining popularity, approaching their length and comparable to market value about, Cryptonks is a staggering $1.14 billion Turns out, that largely covers the $172 million market cap of Bitcoin Frogs. However, Bitcoin Frogs has a much more comparable market cap, at $572 million, while MAYC has a market cap of $224 million.
The future of Bitcoin NFT
With an increase in the bitcoin-based NFT market over the past week, its massive sell-off and a notable shift in the hierarchy of major NFT stocks While Ethereum has been the traditional language of the NFT space, bitcoin-based ordinal text is carving out a significant presence, impressive of their own As the landscape continues to shift along with sales volume and market value, it will be interesting to see how these factors shape the broader NFT market.
Bitcoin NFT offers a unique value for collectors and investors, as they leverage the security, immutability and rarity of the Bitcoin blockchain, as well as enabling creative and expressive possibilities for artists and creators , offering new forms of identity and the community Bitcoin NFT can pave the way for further innovation and growth in the Web3 space, meaning a decentralized and user-centered internet shaped by blockchain, crypto, and other emerging technologies work
Bitcoin NFTs are still in their infancy, and there are many challenges and opportunities ahead. The challenges include the scalability, usability and interoperability of the Ordinal protocol, and the legal and regulatory implications of Bitcoin NFTs in. At some point, the integration and integration of Bitcoin NFT with other platforms and protocols, such as Lightning Network, Stacks, . and RSK Research and testing of genres and mediums, such as music, video, and games.
Bitcoin NFT is a phenomenon that is changing the world of art and culture, and Japan is one of the countries leading and embracing this change. Japan has established a crypto-friendly legal framework, fostered a crypto-driven innovation ecosystem, and been a crypto-curious nation, making it a highly progressive and supportive country for Bitcoin and other cryptocurrencies and potential integration and influence, as well as formation the future of the country.