Bitcoin nonfungible token (NFT) sales have surged past Ethereum in the past week, fueled by a remarkable uptick in Bitcoin Ordinals-based collections, spearheaded notably by NodeMonkes. According to data from CryptoSlam, Bitcoin NFT sales skyrocketed by 80% week-over-week, reaching a staggering $168.5 million. This surge propelled Bitcoin ahead of Ethereum, which recorded $162 million in sales during the same period.
NodeMonkes, a collection of 10,000 unique pixelated profile pictures (PFP)-style Ordinals, emerged as a dominant force in the Bitcoin NFT space. With over $41 million in sales, NodeMonkes experienced a remarkable 170% increase from the previous week, securing its position as one of the top-selling Bitcoin Ordinals-based collections.
Ordinals revolutionize Bitcoin NFT ecosystem
The surge in Bitcoin NFT sales can be partly attributed to the innovative capabilities of Ordinals, which launched in January 2023. Ordinals provide users with the tools to create NFT-like assets by embedding files, such as images, into satoshis (sats), the smallest unit of Bitcoin. This groundbreaking approach has unleashed a wave of creativity within the Bitcoin NFT ecosystem, leading to unprecedented sales and market activity.
NodeMonkes stands out as a trailblazer in the Bitcoin NFT space, boasting the distinction of being the first 10,000-strong collection on the Bitcoin blockchain. Although other 10,000-count-Ordinals collections existed before NodeMonkes, its pioneering status and early adoption onto the blockchain in February 2023 have catapulted it to the forefront of the market.
Market capitalization soars
Recent reports indicate that NodeMonkes’ market capitalization has surged to over $500 million, cementing its position as one of the most valuable PFP-style NFT collections across all blockchains. This places NodeMonkes third in line behind Ethereum-based giants like the Bored Ape Yacht Club (BAYC), according to NFTstats data posted on March 2nd.
The sudden surge in NodeMonkes’ popularity has sparked speculation among investors and enthusiasts alike. Kevin Wu, founder of Graycraft, noted in a post on Feb. 22 that NodeMonkes possesses “meaningful provenance” as the first PFP-style NFT collection on “the first chain ever.” This unique narrative has attracted speculative investors seeking to capitalize on NodeMonkes’ historical significance within the burgeoning Bitcoin NFT landscape.
In addition to NodeMonkes’ meteoric rise, uncategorized Ordinals have emerged as significant contributors to the Bitcoin NFT sales boom. Sales of uncategorized Ordinals surpassed $43 million across more than 47,000 transactions, underscoring the diverse range of opportunities within the Bitcoin NFT market beyond curated collections.
The surge in Bitcoin NFT sales, fueled by the remarkable performance of collections like NodeMonkes, signals a significant evolution within the cryptocurrency and digital asset space. As Bitcoin continues to solidify its presence in the NFT ecosystem, innovative platforms like Ordinals pave the way for unprecedented creativity and market growth. With NodeMonkes leading the charge, the future of Bitcoin NFTs appears poised for further exploration and expansion.
