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Bitcoin NFTs Eclipse Ethereum with $168.5 Million in Weekly Sales

Over the past week, Bitcoin (BTC) non-fungible token (NFT) sales have surpassed those of Ethereum (ETH), largely fueled by a surge in Bitcoin Ordinals-based NFT collections. The NodeMonkes collection notably led the way, driving an impressive 80% week-over-week growth in the Bitcoin NFT market, with sales reaching an astonishing $168.5 million. In comparison, Ethereum recorded $162 million in NFT sales during the same period, as reported by data from CryptoSlam.

Ordinals Revive Bitcoin NFTs

The emergence of Bitcoin Ordinals has played a pivotal role in reshaping the NFT landscape. Introduced in January 2023, Ordinals brought a fresh perspective by enabling users to link files, like images, with satoshis (sats), the smallest unit of Bitcoin. This effectively created NFT-like assets on the Bitcoin blockchain.

In the top-selling NFT collections of the week, three out of the top five were based on Bitcoin Ordinals. Leading the pack were the uncategorized Ordinals, which amassed over $43 million in sales through more than 47,000 transactions.

Close behind was the NodeMonkes collection, a series of 10,000 unique pixelated profile picture (PFP)-style Ordinals based on Bitcoin. NodeMonkes saw over $41 million in sales, marking an impressive nearly 170% increase from the previous week.

Securing the fourth position was the Natcats collection, another project based on Ordinals, with over $10 million in sales.

NodeMonkes, launched in December, boasts of being the first 10,000-strong collection on Bitcoin. While other 10,000-count Ordinals collections had appeared earlier, the NodeMonkes team engraved their collection onto the blockchain in February 2023, just a month after Ordinals’ initial release.

As of March 2, user “NFTstats” reported that NodeMonkes’ market capitalization had exceeded $500 million, establishing it as the third-largest PFP-style NFT collection across all blockchains, trailing only the Ethereum-based Bored Ape Yacht Club (BAYC).

While the exact reasons behind NodeMonkes’ recent surge remain unclear, industry insiders speculate that its appeal lies in its “meaningful provenance.” Kevin Wu, the founder of NFT collection GRAYCRAFT, highlighted in a February 22 post that NodeMonkes holds significance as the first PFP-style NFT collection on “the first chain ever,” creating a compelling narrative that speculative investors may now be drawn to.

NFT Market Sees a Resurgence

It’s worth highlighting the recent upward movement in the NFT market, coinciding with the recovery in crypto prices.

In October, NFT trading volume surged by $99 million, hitting $405 million, marking levels of sales not witnessed since August.

Similarly, NFT sales on the Bitcoin (BTC) network achieved a significant milestone in December 2023, exceeding $881 million for the first time ever. This included 111,713 buyer addresses and 98,744 seller addresses, both setting the highest single-month records to date.

More recently, the Musée d’Orsay, a prestigious museum in Paris, announced its foray into blockchain and digital art with its inaugural commission of an on-chain NFT exhibition.

The museum is preparing to unveil a collection of tokenized artwork titled “The Convergence of Breath.” These five single-edition NFTs, minted on the Tezos blockchain, stem from a captivating art installation and social experiment currently showcased as part of the museum’s digital-themed exhibition, “Le Code d’Orsay.”

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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