Over the past six weeks, there has been lively trading of Bitcoin-based NFTs, also known as Ordinals. In November, sales of NFTs created on this blockchain surpassed those of tokens on the Ethereum network, and this trend has continued into December.
The sales volume of Bitcoin-NFTs this week reached $425.63 million, securing the top spot. Solana comes in second with a result of $104 million, while Ethereum, previously the leader in NFT sales, now holds the third position with sales totaling $79.98 million for the past week.
Currently, the top three in the realm of Bitcoin-based NFT sales consist of the Okx, Unisat, and Magic Eden collections. As of December 20, 2023, Okx maintains the lead, commanding over 85% of this market share.
According to Dune Analytics, Unisat holds the second position with an 8.3% share, and Magic Eden comes in third 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 Bitcoin Frogs NFTs 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).
Taking into account data from all platforms hosting NFTs of Bitcoin Frogs, the total weekly sales for this collection amounted to 328.95 BTC or $14.35 million. Among other noteworthy 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).
While Ordinals are still far from the value of leading NFT collections based on Ethereum, such as Cryptopunks, Bored Ape Yacht Club (BAYC), and Mutant Ape Yacht Club (MAYC), they are quickly establishing their presence in the non-fungible token space.
The market value of Cryptopunks is $1.14 billion, significantly surpassing 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.
