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Non-fungible tokens (NFTs) grounded in Bitcoin are now enjoying an elevated status. CryptoSlam, a Web3 data analyst platform, tracked this change. What's striking about this development is that until January 2023, Bitcoin NFTs were practically nonexistent due to the absence of functionality to imprint data on the Bitcoin mainnet.
Over the last month, Bitcoin NFTs have seen a whopping turnover of around $167 million. While it's true that it doesn't quite match Ethereum's robust near-$397 million, it's worth noting that Bitcoin's NFT sales figures are approximately triple of what Solana has garnered - a modest $57 million according to CryptoSlam's data.
The rapid ascent of Bitcoin in the NFT arena can be ascribed to the implementation of the Ordinals Protocol. This innovative technique allows for the encoding of satoshis (Bitcoin's smallest denomination) with various data types, including JPEGs. While some members of the Bitcoin fraternity have expressed their reservations, Yuga Labs, a titan in the NFT industry, embraced it wholeheartedly by launching an Ordinals-based collection back in February. This move ignited substantial excitement and drew considerable investment towards its widespread adoption.
However, the intriguing story doesn't end here. CryptoSlam's records indicate that Bitcoin Frogs is presently leading the pack of Bitcoin-based NFT collections, amassing a cool $6.3 million in transactions in just the last week. What's more, the collection experienced an impressive surge last week, notably raking in sales worth $2.3 million on a single day, May 17.
This thrilling development marks a new chapter in the unfolding saga of NFTs and demonstrates the dynamic, fluid nature of the blockchain industry. It will be fascinating to see how these trends evolve in the near future.
Facing a slump since 2022, NFT sales volumes may be on the brink of recovery, thanks to Bitcoin-based NFTs. Once energized by Axie Infinity, CryptoPunk, and Bored Ape Yacht Club, the latest competition between ETH-based and BTC-based digital assets could possibly attract fresh investors.
