Over the past week, the markets for non-fungible tokens (NFTs) minted on top of Bitcoin have generated approximately $425.63 million in sales. The top ten NFT collections over the seven-day period all come from the Bitcoin blockchain. Several collections of Bitcoin-based Ordinal inscriptions are witnessing significant trading volumes, establishing strong fundamentals for these digital collectibles.
Bitcoin NFT market continues to evolve
Over the past six weeks, Bitcoin-based NFTs, also known as Ordinal inscriptions, have been selling at an impressive rate. In November, Bitcoin’s NFT sales surpassed Ethereum’s, and the trend has continued into December.
Data from cryptoslam.io this week shows Bitcoin racked up $425.63 million in NFT sales, surpassing runner-up Solana, who recorded $104 million in seven days. Ethereum, previously the leader in NFT sales, now ranks third with sales of approximately $79.98 million during the seven-day period.
The top ten collections see an orange stripe this week. Cryptoslam.io seven-day data between December 13 and December 20, 2023.
Currently, the leading trio of marketplaces in Bitcoin-based NFT sales consists of Okx, Unisat, and Magic Eden. As of December 20, 2023, Okx has an impressive lead, with over 85% of the market share in this niche.
Unisat follows with an 8.3% share, while Magic Eden captures around 4.3%, according to data from Dune Analytics. Over the past week, Magic Eden’s seven-day market data reports that Bitcoin Frogs are the most traded collection in the BTC-based NFT space.
In terms of market value, a Bitcoin Frog NFT had a floor price of 0.395 BTC, which is equivalent to $17,241, based on current BTC exchange rates. Magic Eden saw Bitcoin Frogs reach a sales volume of 193.26 BTC within a week, which amounts to $8.43 million.
Across platforms with Bitcoin Frogs, the collection collected a total of 328.95 BTC, or $14.35 million in sales. This week’s other notable collections include Bitmap, early sub-100K Ordinals that indicate minted before the 100,000th mark, MNCHRMS, Bitcoin Punks, Ordinal Maxi, Fuzzy Fox, and early sub-10K Ordinals.
While Bitcoin Ordinal inscription collections don’t quite match the value of leading Ethereum NFT collections like Cryptopunks, Bored Ape Yacht Club (BAYC), and Mutant Ape Yacht Club (MAYC), they are quickly approaching status.
Cryptopunks’ market cap stands at $1.14 billion, which significantly eclipses Bitcoin Frogs’ $172 million market cap. Still, Bitcoin Frogs’ market cap is more comparable to that of BAYC, valued at $572 million, and MAYC, with a market cap of $224 million.
What are your thoughts on Bitcoin-based NFT sales leading the way? Share your thoughts and opinions on this topic in the comments below.