NFT
Bitcoin-based non-fungible tokens (NFTs) have risen to second place for NFT sales by blockchain, according to Web3 data platform CryptoSlam, which is remarkable considering that Bitcoin NFTs did not actually exist prior to enabling subscriptions to the Bitcoin mainnet in January 2023.
The data shows that Bitcoin NFTs have made about $167 million over the past 30 days, which is several digits lower than Ethereum’s nearly $397 million. However, NFT sales on Bitcoin are nearly three times greater than on the Solana network, according to Cryptoslam, trailing by about $57 million.
Bitcoin’s accelerated rise in the NFT space is fueled by the Ordinals Protocol, a mechanism for enrolling satoshis, the smallest unit of bitcoin, with data such as a JPEG. Although they received criticism in the Bitcoin community, NFT giant Yuga Labs released their own Ordinals-based collection in February, generating hype and capital for their adoption.
CryptoSlam reports Bitcoin Frogs as the current top Bitcoin-based NFT collection, having made $6.3 million in sales in the past seven days. The collection got a pump last week, pulling in $2.3 million in sales on May 17.