May 24, 2024
Latest Cryptocurrency News

Bitcoin NFTs Close In on Ethereum to Claim the #2 Spot in NFT Sales 

Bitcoin NFTs have surged in popularity and sales, according to data from CryptoSlam. In the past thirty days, Bitcoin-based non-fungible tokens (NFTs) have generated approximately $167 million in revenue, placing them in second position for NFT sales per blockchain, just behind Ethereum.  

This achievement is noteworthy, considering that Bitcoin NFTs were not widely available until inscriptions on the Bitcoin mainnet were enabled in January 2023. 

While Ethereum still holds the top spot with nearly $397 million in NFT sales during the same period, Bitcoin has outperformed the Solana network by almost three times, with NFT sales on Solana totaling approximately $57 million. 

The rise of Bitcoin in the NFT space can be attributed to the Ordinals Protocol, which allows the inscription of satoshis (the smallest unit of bitcoin) with data such as a JPEG. Although this mechanism has faced criticism within the Bitcoin community, the adoption of Ordinals-based collections by NFT giant Yuga Labs in February has generated significant hype and capital. 

Among the Bitcoin-based NFT collections, CryptoSlam identifies Bitcoin Frogs as the top performer. This collection has achieved $6.3 million in sales over the past seven days, with a notable surge of $2.3 million in sales on May 17. 

Here are the top 10 blockchains by NFT Sales Volumes as of May 23, per Crypto Slam

  1. Ethereum 
  1. Bitcoin 
  1. Solana 
  1. Mythos 
  1. ImmutableX 
  1. BNB 
  1. Polygon 
  1. Cardano 
  1. Flow 
  1. Arbitrum 

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