BTC NFT token sales reached record daily sales volumes over the weekend. Moreover, it has surpassed NFT sales on Ethereum on a weekly basis. The BTC NFT craze is mainly caused by the huge interest in bitcoin and the fact that the price is approaching the historic ATH of 2021. Will the next weeks mean a flood of inscriptions saved on the BTC blockchain?
BTC NFT at record high. An increase of 80% compared to the previous week!
Bitcoin's bullish charge is driving increases across the entire cryptocurrency market, including the NFT market. A perfect confirmation of this is the surprising increase in BTC NFTs, i.e. NFT tokens saved on the Bitcoin blockchain. Total BTC NFT sales increased by 80% compared to the previous week, reaching USD 168.5 million. It is worth adding that three of the five best-selling NFT collections last week were based on the Bitcoin Ordinals protocol.
According to CryptoSlam data, at the same time, NFT sales on the Ethereum network amounted to only $162 million. The largest capitalization was achieved by the NodeMonkes collection, which consists of 10,000 unique profile images in the style of pixel 11-bit graphics. The collection is a very strong reference to the famous BYAC pictures, i.e. cameras with bored monkeys from Yuga Labs. It was this collection that started the craze for NFT tokens in 2021.
As for NodeMonkes, the creators are proud that it is the first such large NFT collection on Bitcon. In fact, there are quite a few 10,000 BTC NFT collections that were launched earlier. However, it must be admitted that NodeMoknes are currently the most popular collection of this type.
Bitcoin Ordinals craze – what may be the consequences
NodeMonkes were minted on the BTC blockchain in February 2023, just a month after the launch of the BTC Ordinals protocol. As can be seen from the above results, BTC NFT collections are constantly gaining popularity, although at first they were considered a curiosity. The consequences of introducing the BTC Ordinals protocol were visible only in the second and third quarters, when they affected the liquidity of transactions on the BTC blockchain.
It was then that Ordinals began to cause controversy and outrage among a large part of the community gathered around Satoshi Nakamoto's cryptocurrency. According to them, BTC NFT is an unnecessary waste of the potential of the network, which, as we know, is algorithmically limited. The second part claims that BTC NFTs are a natural evolution of the Bitcoin network and the creation of NFT tokens based on the Bitcoin Ordinals protocol was simply inevitable. The popularity of BTC NFT and overtaking ETH NFT in this respect is a clear signal that this is not just a temporary trend.
