Bitcoin NFTs Skyrocket With $425M in Sales This Week; Key Collections Cement Strong Floor Values

In the past week, markets for non-fungible tokens (NFTs) minted connected apical of Bitcoin person generated astir $425.63 cardinal successful sales. The starring 10 NFT collections implicit the seven-day play each originate from the Bitcoin blockchain. Several collections of Ordinal inscriptions based connected Bitcoin are witnessing important trading volumes, establishing beardown baseline values for these integer collectibles.

Bitcoin NFT Market Continues to Evolve

In the past six weeks, Bitcoin-based NFTs, besides known arsenic Ordinal inscriptions, person been selling astatine an awesome rate. In November, NFT income from Bitcoin exceeded those from Ethereum, and this inclination has persisted into December.

Data from cryptoslam.io this week reveals that Bitcoin achieved $425.63 cardinal successful NFT sales, surpassing the runner-up Solana, which recorded $104 cardinal successful 7 days. Ethereum, antecedently the frontrunner successful NFT sales, present ranks 3rd with astir $79.98 cardinal successful income implicit the seven-day period.

Currently, the starring trio of marketplaces successful the realm of Bitcoin-based NFT income comprises Okx, Unisat, and Magic Eden. As of Dec. 20, 2023, Okx has a commanding lead, holding implicit 85% of the marketplace stock successful this niche.

Unisat follows with an 8.3% share, portion Magic Eden captures astir 4.3%, according to data from Dune Analytics. In the past week, Magic Eden’s seven-day marketplace information reports that Bitcoin Frogs has been the astir traded postulation successful the BTC-based NFT space.

As for the marketplace value, a Bitcoin Frog NFT had a level terms of 0.395 BTC, equivalent to $17,241, based connected the existent BTC speech rates. Magic Eden saw Bitcoin Frogs scope 193.26 BTC successful income volume, amounting to $8.43 million, wrong a week.

Across assorted platforms listing Bitcoin Frogs, the postulation amassed a full of 328.95 BTC, oregon $14.35 cardinal successful sales. This week’s different notable collections see bitmap, aboriginal sub-100K Ordinals indicating they were minted earlier the 100,000th mark, MNCHRMS, Bitcoin Punks, Ordinal Maxi, Fuzzy Fox, and aboriginal sub-10K Ordinals.

Bitcoin Ordinal inscription collections, though not rather matching the worth of starring Ethereum NFT collections specified arsenic Cryptopunks, Bored Ape Yacht Club (BAYC), and Mutant Ape Yacht Club (MAYC), are rapidly approaching their stature.

The market valuation of Cryptopunks stands astatine $1.14 billion, importantly overshadowing the $172 cardinal marketplace headdress of Bitcoin Frogs. Yet, the marketplace headdress of Bitcoin Frogs is much comparable to that of BAYC, valued astatine $572 million, and MAYC, with a marketplace headdress of $224 million.

What bash you deliberation astir Bitcoin-based NFT income starring the ranks? Share your thoughts and opinions astir this taxable successful the comments conception below.