- Bitcoin’s journey into the NFT market has made it a strong competitor to Ethereum’s position.
- The migration of some Solana NFTs to Polygon negatively impacted volume.
Sales of various assets in the NFT world rose significantly, as the usual suspect, Bored Ape Yacht Club [BAYC], recorded the most volume. With $18.16 million, BAYC took care of that Ethereum [ETH] The volume of the collections increased by 242.29% in the past seven days.
The increase means that BAYC has won, alongside other collections such as Azuki enormous pulling power. This implied that they have become highly sought after by collectors and investors alike.
Switched to a positive outlook
This was an improvement over the momentum a few weeks ago. However, there was a notable trend change based on the data from CryptoSlam. Like Ethereum NFTs, Bitcoins [BTC] collection also drove a 242% increase.
Typically, Ethereum-based NFTs usually make up a large percentage of the top 10 collections. However, this was not the case this week as BAYC’s sister collection, Mutant Ape Yacht Club [MAYC], lost to Uncategorized Ordinals – a collection that works on the Bitcoin block chain.
This shift can be linked to the rise of Bitcoin ordinal numbers and BRC-20 tokens. The collection, which used Ordinals fiction to write assets on satoshis, had a revenue of $12.15 million.
Uncategorized Ordinals NFT Sales Volume | Source: CryptoSlam
In addition, the skyward movement was limited only to uncategorized ordinal numbers. But another Bitcoin-based collection linked to the BRC-20 token standard $OXBT BRC-20 NFTs also recorded higher sales than many Ethereum NFTs.
Due to the surge, overall Bitcoin NFT sales displaced platforms such as Solana [SOL] And Polygon [MATIC] extraordinary.
Source: CryptoSlam
This shift can be attributed to the rising user base and infrastructure of Bitcoin and Ethereum, which participants now view as a trusted and accessible environment for NFT enthusiasts.
Solana NFTs: Now ranked below Bitcoin
In the past, it was unusual not to find a Solana based collection like DGods or y00ts NFT in the top 20. Nor was it hard to find the blockchain second only to Ethereum in terms of volume.
But a switch from Solana to Polygon and Ethereum by some collections may have affected this outcome.
Realistic or not, here it is The market cap of ETH in terms of BTC
Moreover, CryptoSlam’s data showed that only one Solana collection was present in the top 50. In fact, a few collections appeared under the Polygon chain for those with a penchant for the Proof-of-History (PoH) blockchain.
At the time of writing, BAYC has maintained its increase in transactions. However, Bitcoin collections, including the aforementioned $OXBT BRC-20 NFTs and Uncategorized Ordinals, fell within the same time frame.