24/05/2023 In NFT Sales, Bitcoin Jumps to No. 2 Spot in a Matter of Months
According to data platform CryptoSlam, NFTs on Bitcoin have grossed about $167 million in the past thirty days, creeping up on Ethereumâs number one position.
Bitcoin-based non-fungible tokens (NFTs) have risen to second place for NFT sales per blockchain, according to Web3 data platformCryptoSlam, which is remarkable considering Bitcoin NFTs didnât effectively exist before the enabling of inscriptions on the Bitcoin mainnet in January 2023.
The data shows that in the past thirty days,Bitcoin NFTshave grossed about $167 million, which is several figures shy of Ethereumâs near-$397 million. However, NFT sales on Bitcoin are nearly three times larger than on the Solana network, according to Cryptoslam, trailing behind at about $57 million.
Bitcoinâs accelerated rise to prominence in the NFT space isfueled by the Ordinals Protocol, a mechanism for inscribing satoshis, the smallest unit of bitcoin, with data such as a JPEG. While theyâve beenmet with criticism in the Bitcoin community, NFT giantYuga Labs released their own Ordinals-based collection in February, fueling hype and capital into their adoption.
CryptoSlam reports Bitcoin Frogs as thecurrent top Bitcoin-based NFT collection, which has earned $6.3 million in sales over the past seven days. The collection got a pump last week, raking in$2.3 million in sales on May 17.
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