TL; DR
Full story
Sure, Bitcoin NFTs were nothing in the last bull cycle…
And it makes sense that they would attract interest from collectors this time, since Bitcoin is the king of the hill (re: value)…
But we’re still in awe of the sheer weight Bitcoin NFTs (aka Ordinals) are throwing around right now.
Just two weeks ago it was the #1 NFT marketplace Fade – and if you had asked us which was No. 2, we would have guessed it Open sea.
But as I write this, neither keep the top spot.
Magical Eden now sits atop the throne, having raked in $29.19 million in transactions in the last 24 hours alone.
(And it’s all thanks to the platform’s embrace of Bitcoin NFTs).
It’s a cycle we’ve seen work in ETH’s favor before, and it goes like this:
Baseline (BTC) assets go up → investors make a profit → some put aside some “play money” → Bitcoin NFTs are there to absorb that money.
It’s all very bullish!