Bitcoin's NTFs overshadow Ethereum's!

Source: https://www.transcend.org/tms/2022/01/slavoj-zizek-its-naive-to-think-bitcoin-nft-give-us-freedom/

Thanks to a sudden surge in NFT collections based on Bitcoin Ordinals, sales of non-fungible tokens (NFTs) based on BTC have surpassed those of Ethereum (ETH) in the past seven days. According to CryptoSlam data, the Bitcoin NFT market has seen an impressive 80% growth, reaching a staggering $168.5 million in sales, while Ethereum generated $162 million in NFT sales during the same period. Leading the Bitcoin NFT market is the NodeMonkes collection.

The rise of Bitcoin Ordinals has significantly contributed to this shift in the NFT landscape. Launched in January 2023, Ordinals introduced an innovative approach allowing users to associate files, such as images, with satoshis (sats), the smallest unit of Bitcoin, creating digital assets essentially similar to NFTs on the Bitcoin blockchain. Among the top-selling NFT collections of the week, three of the top five were based on Bitcoin Ordinals.

The most significant sales were from uncategorized Ordinals, generating over $43 million in sales through more than 47,000 transactions. Following closely is the NodeMonkes collection, a series of 10,000 unique Ordinals created in a pixelated profile picture (PFP) style, based on Bitcoin. NodeMonkes recorded over $41 million in sales, marking an almost 170% increase from the previous week. Launched in December 2022, the NodeMonkes series claims to be the first 10,000-piece collection on Bitcoin.

Another project based on Ordinals, the Natcats collection, secured the fourth position with over $10 million in sales. Although other 10,000-piece Ordinals collections had emerged earlier, the NodeMonkes team engraved their collection on the blockchain in February 2023, just a month after the initial release of Ordinals.

On March 2, user "NFTstats" reported that NodeMonkes' market capitalization exceeded $500 million, positioning it as the third-largest PFP NFT collection across all blockchains, after only Ethereum-based Bored Ape Yacht Club (BAYC). While the exact reasons behind NodeMonkes' recent surge are still unclear, industry insiders speculate that its appeal lies in its "significant origin."

Source: https://nftnow.com/guides/a-guide-to-nodemonkes-10k-pixelated-ordinals-explained/

Kevin Wu, the founder of the NFT collection GRAYCRAFT, observed in a February 22 post that NodeMonkes is significant as the first PFP NFT collection on the "first-ever chain," creating a compelling narrative that speculative investors may now latch onto.

It's worth noting that the NFT market has seen an upward trend recently, thanks to the recovery in cryptocurrency prices. In October, NFT trading volume surged to $405 million, witnessing sales levels not seen since August. Similarly, NFT sales on the Bitcoin network reached a new milestone in December 2023, surpassing $881 million for the first time ever.

This figure includes 111,713 buyer addresses and 98,744 seller addresses, setting the highest records for a single month to date. More recently, it was revealed that the Musée d'Orsay, a renowned museum in Paris, is venturing into the world of blockchain and digital art by commissioning its first-ever NFT exhibition. The museum will release a collection of tokenized artworks titled "The Convergence of Breath," minted on the Tezos blockchain, resulting from a captivating artistic installation and social experiment currently on display as part of the museum's digital-themed exhibition, "Le Code d'Orsay."

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