Bitcoin Makes A Comeback In The NFT Market – Exceeds Ethereum In NFT Sales

On Mar 2, 2024

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Bitcoin, the blockchain network renowned for its Bitcoin Ordinals non-fungible token collection, has rebounded in the NFT market, suggesting that the general NFT market might be making a comeback. The Bitcoin NFT market seems to be finding its footing again and has taken back the NFT market dominance.

Bitcoin Rebounds In The NFT Market

Data fetched by CryptoSlam.io, an on-chain data aggregator, shows that Bitcoin, the blockchain network behind the flagship crypto Bitcoin,’ has regained its initial dominance in the non-fungible token market. In the past 24 hours, Bitcoin-based NFTs have amassed a sales volume of $33 million, representing 29% from the previous day.

Bitcoin dethroned Ethereum in the NFT market dominance in November last year, following the resurgence of the BRC-20 NFT collection. BRC-20 is an experimental token standard that enables the minting and transferring of fungible tokens on the Bitcoin blockchain. It stands for Bitcoin Request for Comment and is similar to the ERC-20 token standard on the Ethereum and EVM blockchain networks.

Unfortunately, Bitcoin lost its initial NFT market dominance to Ethereum and Solana earlier this year after its BRC-20 NFT and Bitcoin Ordinals market hype faded. The Bitcoin NFT market is witnessing a revival, with its sales volume now exceeding Solana and Ethereum.

NFTs Fueling Bitcoin NFT Market Growth

NodeMonkes, an NFT collection featuring a limited set of 10,000 NFTs hosted on Bitcoin, is one of the NFT collections that have fueled the growth of the Bitcoin NFT market. In the past 24 hours, NodeMonkes has attracted a trading sales volume of $10 million. NodeMonkes NFT sales have increased 35% from the previous day.

Bitcoin Ordinals, a non-fungible token collection created exclusively on the Bitcoin blockchain network using the Satoshi Nakamoto ordinal theory, is another NFT collection that has contributed to the growth of the Bitcoin NFT market. In the past 24 hours, Bitcoin Ordinal has amassed a sales volume of $9.2 million.

Lastly, Nat Cats, the first non-arbitrary art collection created on the Bitcoin blockchain net through the DMT (Digital Metazone Tokens) framework, is another NFT collection which has contributed to the growth of the Bitcoin NFT Market. In the past 24 hours, the Nat Cat NFT collection has recorded a trading sales volume of $3 million. Nat Cats NFT sales have surged 342% from the previous day.