Bitcoin is Now the Second Most Popular Blockchain for NFTs

Bitcoin NFTs have swiftly climbed the ranks in the world of non-fungible tokens, securing the second spot for NFT sales per blockchain, as indicated by CryptoSlam, a Web3 data platform. What makes this achievement even more noteworthy is the fact that Bitcoin NFTs were virtually non-existent until Bitcoin Ordinals emerged earlier this year. Over the last thirty days, Bitcoin NFTs have amassed an impressive $167 million in gross sales. Although this figure falls short of Ethereum’s staggering $397 million, Bitcoin’s NFT sales are nearly three times larger than those on the Solana network, which have reached approximately $57 million.

The Ordinals Protocol has played a pivotal role in Bitcoin’s rapid ascent to prominence in the NFT arena. This mechanism allows for the inclusion of data, such as a JPEG, onto satoshis, the smallest unit of bitcoin. Despite facing some criticism within the Bitcoin community, the Ordinals Protocol received a significant boost when NFT giant Yuga Labs launched their own Ordinals-based collection in February. This move injected enthusiasm and capital into the adoption of Bitcoin NFTs, further propelling their growth.

Among the Bitcoin-based NFT collections, CryptoSlam reports that Bitcoin Frogs currently reigns supreme. This captivating collection has generated a substantial $6.3 million in sales over the past week alone.

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