NFT
Not to be outdone by Bitcoin Frogs, which traded faster than top-tier NFT brand Bored Ape Yacht Club earlier this week, a collection called Space Pepes has become king of the proverbial hill — for now, at least.
Space Pepes, a batch of thousands of unique Bitcoin-based digital collectibles, has ranked as the top selling NFT collection in the past 24 hours with approximately $7.3 million in trade, according to CryptoSlam! facts. That’s better than both the Ethereum-based Bored Apes and Bitcoin Frogs, which seem to have lost some momentum in recent days.
In the past seven days, Space Pepes also ranked third with almost all of its $7.3 million in trade generated in the past 24 hours, while Bitcoin Frogs ranked seventh with $5.4 million in volume.
CryptoSlam! NFT collection rankings for the past seven days.
The fact that Bitcoin-based NFTs are even under discussion when examining trading volume for digital assets could potentially mark the beginning of a new era. Historically, top-selling NFT collections such as Bored Ape Yacht Club, Mutant Apes, Doodles, and Azuki were minted on Ethereum, by far the dominant chain for such tokens.
Still, bitcoin going toe-to-toe with Ethereum in the NFT arena via frog memes comes as no surprise to some crypto veterans.
“For years, people have said that Bitcoin will absorb many of the popular applications of other blockchains,” says The Block Research Analyst Steven Zheng. “The inadvertent creation of Bitcoin NFTs through Ordinals brought those beliefs to fruition. Being an extremely secure and highly liquid blockchain makes Bitcoin an attractive blockchain to launch NFTs for creators.
Indeed, the Bitcoin NFT market is on the rise.
Digital assets slammed into the chain have registered sales of around $294 million, though that figure is still dwarfed by Ethereum’s all-time sales volume of nearly $44 billion, according to CryptoSlam! facts.
But Bitcoin-based NFTs have done most of their business only in the past month, with $156 million in revenue in the past 30 days, making it the second most popular digital asset chain. Ethereum topped the chart last month with total revenue of around $420 million.
CryptoSlam! rankings for NFTs by blockchain.