Bitcoin NFTs monthly trading volume exceeded Solana this month, despite Ethereum still holding the top spot with an NFT volume of $393 million (double Bitcoin’s 30-day volume starting April 23). Nevertheless, Bitcoin now overrides notable blockchains like Solana, Polygon, ImmutableX and BNB Chain — a remarkable achievement for these recently launched collectibles.
Over recent months, the NFT market observed a shift in media-based Bitcoin ordinals, otherwise known as Bitcoin NFTs. Following this success, the popular Bitcoin NFT marketplace, Magic Eden, is competing with UniSat’s volume, the world’s first open-source browser extension wallet for Bitcoin NFTs.
The implementation of #Bitcoin ordinals spurred NFT activity on $BTC.
Over the past 30 days #Bitcoin has seen the second most NFT sales volume among all blockchains:
h/t @cryptoslamio pic.twitter.com/q8qnHCcLfD
— Osprey Funds (@OspreyFunds) May 23, 2023
Ethereum vs. Bitcoin
On the flip side, Bitcoin Frogs has been boosting Bitcoin’s trading volume. For example, Bitcoin Frog #2276 sold for 0.2 BTC ($5388.72) on Magic Eden on May 19. Significant sales like this one have led to the “crypto amphibians” overriding Bored Ape Yacht Club (BAYC), which only recorded $40 million in trading volume from April 23 to May 23. Regardless, the Bitcoin NFT ecosystem continues to lag behind Ethereum.
One of the critical reasons Ethereum remains at the peak for monthly trading volume includes holding numerous notable NFT projects: BAYC, Azuki, CryptoPunks and Milady Maker. BAYC and Azuki are NFTs associated with popular metaverse projects, whereas CryptoPunks and Miladys are in high demand due to having limited availability and early market entry. In addition, the blockchain network also supports numerous DAOs and integration benefits, stimulating the decentralized finance ecosystem to be worth $27.5 billion.
Despite Milady already having a name for itself in the NFT realm, this month, the NFT collectibles noticed a rapid surge due to Elon Musk tweeting one of the customized PFPs, assisting Ethereum to continue claiming the prime position.
As the exciting NFT space continues to shift, progressing developments represent the unpredictability and potential of this blockchain-driven creative space.
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