Bitcoin NFTs surpass Ethereum NFTs: How Ordinals played a part

• Bitcoin NFTs surged, outselling Ethereum with an 80% weekly increase.
• NodeMonkes propelled the growth, while BTC saw green.

In the past week, sales of Bitcoin [BTC] NFTs have exceeded those of Ethereum [ETH], thanks to a sudden surge in Bitcoin Ordinals-based NFT collections.

The NodeMonkes collection has played a significant role in driving this increase.

Related articles

DraftKings Exits NFT Business Due to Legal Issues

30 July 2024

BlockDAG’s Leadership Unveil – Crypto Market Titans Behind Game Changing Presale Challenge VeChain and Optimism’s Growth

30 July 2024

NFT season

Bitcoin NFT sales experienced an impressive 80% week-over-week surge, reaching $168.5 million.

Remarkably, three of the top five best-selling NFT collections during the week were based on Bitcoin Ordinals.

In comparison, Ethereum’s NFT sales amounted to $162 million, according to AMBCrypto’s analysis of CryptoSlam’s data.

The Ordinals platform, launched in January 2023, introduced enabled the creation of NFT-like assets on the Bitcoin network.

ADVERTISEMENT

This was achieved by allowing users to embed files, such as images, into satoshis (sats), the smallest unit of Bitcoin.

NodeMonkes takes the lead

Notably, the top-performing collection within the Ordinals ecosystem was the NodeMonkes collection, generating over $11 million in sales across more than 100 transactions.

Following closely was the Uncategorized Bitcoin Ordinals, which achieved over $8 million in sales, marking a substantial 39.51% increase in the last 24 hours.

Ordinals collection Natcats secured the fifth position with sales surpassing $1.7 million.

NodeMonkes, a collection of 10,000 unique pixelated profile pictures (PFP) in the Ordinals style, was launched in December. It is the first 10,000-strong collection on the Bitcoin blockchain.

While other 10,000-count-Ordinals collections had debuted earlier, the NodeMonkes team etched their creation onto the blockchain in February 2023, just a month after the Ordinals platform was introduced.

Source: Crypto Slam

At the time of writing, NodeMonkes’ market capitalization soared to over $500 million, positioning it as the third-largest PFP-style NFT collection across all blockchains.

It trailed only the Ethereum-based Bored Ape Yacht Club (BAYC).

Read Bitcoin’s [BTC] Price Prediction 2024-25

Positive market sentiment, driven by the popularity of Bitcoin NFTs, could further boost investor confidence and contribute to a more dynamic ecosystem.

State of BTC

At press time, BTC was trading at $65,015.57 and its price had grown by 5.16% in the last 24 hours. The volume at which BTC was trading had surged by 107.48% during this period.

Moreover, the Long/Short difference for Bitcoin had grown significantly, implying that long-term holders had outnumbered short-term holders.

Long-term holders are less likely to sell their holdings, which may help BTC sustain its current price levels.

Source: Santiment