22 May 2023 22:33, UTC
Reading time: ~2 m
Bitcoin-based non-fungible tokens (NFTs) have risen to second place for NFT sales per blockchain, according to Web3 data platform CryptoSlam, which is remarkable considering Bitcoin NFTs didn’t effectively exist before the enabling of inscriptions on the Bitcoin mainnet in January 2023.
The data shows that in the past thirty days, Bitcoin NFTs have grossed about $167 million, which is several figures shy of Ethereum’s near-$397 million. However, NFT sales on Bitcoin are nearly three times larger than on the Solana network, according to Cryptoslam, trailing behind at about $57 million.
Bitcoin’s accelerated rise to prominence in the NFT space is fueled by the Ordinals Protocol, a mechanism for inscribing satoshis, the smallest unit of bitcoin, with data such as a JPEG. While they’ve been met with criticism in the Bitcoin community, NFT giant Yuga Labs released their own Ordinals-based collection in February, fueling hype and capital into their adoption.
CryptoSlam reports Bitcoin Frogs as the current top Bitcoin-based NFT collection, which has earned $6.3 million in sales over the past seven days. The collection got a pump last week, raking in $2.3 million in sales on May 17.
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