In January 2023, the Bitcoin Ordinals protocol was launched, making it possible to write non-fungible tokens (NFTs) to the blockchain. NFTs on Bitcoin were of varying popularity, but are making a comeback due to extreme price increases of the digital currency.
Over the past week, sales have even shot past that of Ethereum.
NFTs on Bitcoin: More popular than ever?
The revival of NFTs on Bitcoin is mainly led by the NodeMonkes collection. Over the past week, sales of Bitcoin NFTs skyrocketed 80 percent to $168.5 million.
Three of the five best-selling collections of the week are based on Bitcoin Ordinals. Ethereum only attracted $162 million in sales, according to CryptoSlam data.
Who would have thought that Bitcoin would be a serious contender to beat Ethereum in the field of NFTs. In 2021, that was a serious reason why the Ethereum price jumped higher.
Uncategorized Ordinals are currently at the top of the top five. However, these are NFTs that are not part of a specific collection. So, 43 million dollars worth of those types were sold on Bitcoin last week.
In second place we find NodeMonkes with $41 million in sales.
What is the NodeMonkes collection on Bitcoin?
NodeMonkes is a collection of 10,000 unique images that was launched on the Bitcoin blockchain in December 2023. The team behind NodeMonkes claims they were the first collection of 10,000 cards on the Bitcoin blockchain.
This is because they published all their collection on the blockchain in February 2023. So they had been around for a while, but only launched in December 2023.
Meanwhile, NodeMonkes appears to have managed to reach a market cap of $500 million. With that, it only has to tolerate the Bored Ape Yacht Club and the CryptoPunks.
It is not entirely clear why the collection is suddenly receiving so much attention. Also don’t forget that it’s easy to manipulate the prices of these kinds of things. After all, you can buy NFTs from yourself without anyone noticing.
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Source: https://newsbit.nl/bitcoin-nfts-maken-comeback-en-gaan-ethereum-weer-voorbij/
