Bitcoin-based non-fungible tokens (NFTs) have witnessed a remarkable ascent in the NFT market, claiming the second spot for NFT sales per blockchain, according to CryptoSlam, a Web3 data platform. This achievement is even more impressive considering that Bitcoin NFTs were virtually nonexistent until the activation of inscriptions on the Bitcoin mainnet in January 2023.
In the past thirty days alone, Bitcoin NFTs have generated approximately $167 million in sales, although this falls short of Ethereum’s impressive tally of nearly $397 million. Nevertheless, Bitcoin’s NFT sales surpass those on the Solana network by almost threefold, with approximately $57 million in sales, as reported by CryptoSlam.
Bitcoin’s rapid rise to prominence in the NFT arena can be attributed to the Ordinals Protocol, which enables the inscription of satoshis, the smallest unit of bitcoin, with data such as JPEG files. While the Bitcoin community has voiced some criticism towards this approach, NFT giant Yuga Labs released their own Ordinals-based collection in February, injecting enthusiasm and capital into its adoption.
According to CryptoSlam, the current leading Bitcoin-based NFT collection is Bitcoin Frogs, which has accumulated $6.3 million in sales over the past seven days. The collection experienced a significant surge last week, amassing $2.3 million in sales on May 17, further fueling its popularity.