Bitcoin non-fungible token (NFT) sales have experienced a significant surge, surpassing Ethereum over the last seven days. This surge was primarily driven by the sudden popularity of Bitcoin Ordinals-based NFT collections, notably led by the collection NodeMonkes.
Ordinals, launched in January 2023, enabled the creation of NFT-like assets by allowing users to embed files, such as images, into satoshis (sats), the smallest unit of Bitcoin.
Uncategorized Ordinals, which are not part of any specific collection, recorded the highest sales, totaling over $43 million across more than 47,000 transactions. The NodeMonkes collection, comprising 10,000 unique pixelated profile pictures (PFPs), ranked second with over $41 million in sales.
NodeMonkes gained significant traction, becoming the third-largest PFP-style NFT collection across all blockchains, with a market capitalization exceeding $500 million. The collection’s early presence on the blockchain and its status as the first PFP-style NFT collection on Bitcoin have contributed to its recent attention and success.
NodeMonkes’ unique narrative and provenance, being the first PFP-style NFT collection on Bitcoin, have attracted speculative investors, driving its recent surge in sales and market capitalization.
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