- Bitcoin NFTs soared, outselling Ethereum by an 80% weekly increase.
- NodeMonkes drove growth, while BTC saw green.
In the past week, the sale of Bitcoin [BTC] NFTs have surpassed Ethereum [ETH]thanks to a sudden surge in Bitcoin Ordinals-based NFT collections.
The NodeMonkes collection has played a major role in driving this increase.
NFT Season
Bitcoin NFT sales saw an impressive 80% increase week-over-week, reaching $168.5 million.
Remarkably, three of the five best-selling NFT collections of the week were based on Bitcoin Ordinals.
By comparison, Ethereum’s NFT sales were $162 million, according to AMBCrypto’s analysis of CryptoSlam data.
Source: CryptoSlam
The Ordinals platform, launched in January 2023, enabled the creation of NFT-like assets on the Bitcoin network.
This was achieved by allowing users to embed files, such as images, into satoshis (sats), the smallest unit of Bitcoin.
NodeMonkes takes the lead
Notably, the top-performing collection within the Ordinals ecosystem was the NodeMonkes collection, which generated more than $11 million in sales through more than 100 transactions.
The Uncategorized Bitcoin Ordinals followed closely behind, posting sales of over $8 million, marking a substantial increase of 39.51% in the past 24 hours.
Ordinals collection Natcats took fifth position with sales of more than $1.7 million.
NodeMonkes, a collection of 10,000 unique pixelated profile photos (PFP) in the Ordinals style, launched in December. It is the first collection of 10,000 copies on the Bitcoin blockchain.
While other 10,000-count Ordinals collections have debuted previously, the NodeMonkes team etched their creation onto the blockchain in February 2023, just a month after the Ordinals platform was introduced.
Source: Crypto Slam
At the time of writing, NodeMonkes’ market cap rose to over $500 million, positioning it as the third-largest PFP-style NFT collection of all blockchains.
It trailed only the Ethereum-based Bored Ape Yacht Club (BAYC).
Read Bitcoin’s [BTC] Price forecast 2024-25
Positive market sentiment driven by the popularity of Bitcoin NFTs could further boost investor confidence and contribute to a more dynamic ecosystem.
State of BTC
At the time of writing, BTC was trading at $65,015.57 and the price was up 5.16% over the past 24 hours. BTC trading volume increased by 107.48% during this period.
Furthermore, the long/short difference for Bitcoin had grown significantly, implying that long-term holders outnumbered short-term holders.
Long-term holders are less likely to sell their holdings, which could help BTC maintain its current price levels.
Source: Santiment