Bitcoin emerges as the rising star of the NFT world! With NFTs continuing to captivate the Bitcoin community, the network has quickly climbed to become the second-largest NFT chain. In the past 30 days alone, the network has witnessed an astounding $167.47 million worth of NFT sales on secondary markets. So, let’s keep an eye on Bitcoin as it establishes its dominance in the NFT realm!
Bitcoin Soars to Second Place in NFT Sales: Data Reveals Impressive Surge!
Bitcoin has surged to second place in NFT sales! Exciting data from CryptoSlam reveals that Bitcoin boasts impressive NFT sales volumes across various time frames, surging significantly in the past 30 days. While Ethereum still reigns supreme with $395.95 million in sales during the same period, Bitcoin is leaving its closest rivals, like Solana and Mythos Chain, in the dust. These competitors have managed $55.8 million and $35.4 million in sales over the past 30 days, respectively.
The game-changing Ordinals Protocol is driving the upward journey of Bitcoin NFTs. Ordinals Protocol is a mechanism that immortalizes satoshis, the tiniest units of bitcoin. This is done by infusing them with rich data like JPEGs. Although facing some skepticism within the community, the NFT powerhouse Yuga Labs took a bold step forward by launching their very own collection based on the Ordinals Protocol in February. This bold move created substantial hype into the adoption of this revolutionary technology. Bitcoin’s relentless rise and the groundbreaking impact of the Ordinals Protocol are reshaping the NFT landscape. Plus, it’s capturing the imagination of enthusiasts worldwide.
Exploring the Thriving Digital Asset Market
So, what actually are Bitcoin NFTs? Well, they represent unique digital assets on the secure and decentralized Bitcoin blockchain. Developed by software engineer Casey Rodarmor, the Ordinals protocol empowers users and developers to attach Ordinals to each of the 100,000,000 units comprising a Bitcoin. They are commonly referred to as ‘sats’ or ‘satoshis.’ Significantly, these units can contain data, including smart contracts, facilitating the creation of NFTs on the blockchain. Essentially, the Ordinals protocol serves as a valuable tool for creators. In addition, it enables them to build NFTs directly on the Bitcoin blockchain, alongside other blockchain networks.
Lastly, let’s take a look at Bitcoin’s NFT collections. Leading the pack is the sensational Bitcoin Ordinals. Significantly, they have raked in an impressive $26.3 million in sales over the past 30 days. This outstanding achievement secures its position as the fourth highest-selling project across all blockchains during this period. Space Pepes, are close behind, amassing a remarkable $12.24 million in 30-day sales volume. And let’s not forget the Bitcoin Frogs. Markedly, they have an impressive $9.43 million worth of sales in the same timeframe.
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