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In the span of a week, the sales volume of NFTs on the Bitcoin network surged to $425.63 million

Over the past six weeks, lively trading of NFTs, also known as Ordinals, has been taking place on the Bitcoin network. In November, sales of NFTs created on this blockchain surpassed those of tokens on the Ethereum network, and this trend continued into December.

Data from Cryptoslam.io indicates that the sales volume of Bitcoin-based NFTs this week reached $425.63 million. Solana secured the second position with a total of $104 million, while Ethereum, previously leading in NFT sales, now ranks third with sales amounting to $79.98 million over the past week.

The top ten collections this week are consistently dominated by orange. These insights are based on Cryptoslam.io data for the period from December 13th to December 20th, 2023.

Presently, the leading trio in Bitcoin-based NFT sales comprises the Okx, Unisat, and Magic Eden collections. As of December 20, 2023, Okx holds the top spot, commanding over 85% of this market share.

According to Dune Analytics, Unisat takes the second spot with an 8.3% share, while Magic Eden holds the third position with a share of approximately 4.3%. Last week, the best-selling Bitcoin NFT collection on Magic Eden was Bitcoin Frogs.

The minimum price for a Bitcoin Frogs NFT was 0.395 BTC, equivalent to $17,241 based on the current exchange rate. The sales volume of Bitcoin Frogs on the Magic Eden platform for the past week reached 193.26 BTC ($8.43 million).

Considering data from all platforms hosting NFT Bitcoin Frogs, the total weekly sales for this collection amounted to 328.95 BTC or $14.35 million. Among other notable collections this week are Bitmap, early Ordinals released among the first 100,000 (sub-100K), MNCHRMS, Bitcoin Punks, Ordinal Maxi, Fuzzy Fox, and the first 10,000 Ordinals (sub-10K).

Although Ordinals are still far from the valuations of leading Ethereum-based NFT collections like Cryptopunks, Bored Ape Yacht Club (BAYC), and Mutant Ape Yacht Club (MAYC), they are quickly establishing their place in the non-fungible token space.

The market capitalization of Cryptopunks is $1.14 billion, significantly exceeding the market capitalization of Bitcoin Frogs at $172 million. Nevertheless, the market capitalization of Bitcoin Frogs is more comparable to that of BAYC, valued at $572 million, and MAYC with a market capitalization of $224 million.

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