Bitcoin NFTs help Magic Eden cross $100M in sales

• Bitcoin NFTs’ volume climbed to over $100 million on the NFT platform.
• BTC collections were featured among the top collections.

Magic Eden’s recent data revealed a substantial dominance of Bitcoin [BTC] NFT volume on the network, setting a new record.

Amidst the flourishing NFT sales on this platform, let’s delve into the overall growth of Bitcoin NFT volume over the past 30 days.

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Bitcoin NFT volume leads on Magic Eden

AMBCrypto’s analysis of the NFT volume from different networks on Magic Eden showed that Bitcoin has emerged as the network with the highest volume in February so far.

Data from Dune Analytics showed that the NFT volume was over $106 million at the time of this writing. This meant that the volume comprised 61.5% of the network’s volume.

Further analysis of the data showed that the volume in the past month was around $81 million, which meant that there was significant growth in the current month.

Bitcoin emerges second in overall NFT volume

According to an analysis of NFT volume on Crypto Slam NFT, Bitcoin had the second-highest NFT volume in the past 30 days.

The data showed that the NFT sales volume on the network was over $286 million during this period. 

Further examination of the NFT collection sales rankings highlights that two collections from the Bitcoin network hold the second and third positions.

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At the time of this writing, it also ranked second among networks with the highest sales volume, having achieved a sales volume of over $12 million.

Notably, an uncategorized collection from Bitcoin led the collection sales ranking with over $2.4 million at the time of this writing.

Has the NFT volume impacted network fees?

Despite the notable surge in Bitcoin NFT sales volume, an analysis of the fees on the Bitcoin network indicates a minimal impact.

How much are 1,10,100 BTCs worth today?

Crypto Fees’ chart showed that, except for a peak on the 3rd of February when the fee surpassed $7 million, the fees have consistently remained in the $1 million range.

The fee was over $1.8 million at the time of this writing.