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Bitcoin NFTs Surge Past Ethereum in Weekly Sales Volume

Bitcoin NFTs' recent surge

Bitcoin NFTs have not only set a new year-to-date record for daily sales volume over the weekend but also outpaced Ethereum in weekly sales. This milestone marks a pivotal moment in the cryptocurrency market, showcasing the burgeoning interest and investment in Bitcoin's nonfungible tokens (NFT) sector. The recent surge is attributed to the unexpected rise of Bitcoin Ordinals-based NFT collections, with NodeMonkes leading the charge.

Bitcoin NFT sales soared by an impressive 80% week-over-week, amassing a staggering $168.5 million. This surge propelled three Bitcoin Ordinals-based collections into the top five best-selling NFTs of the week. In comparison, Ethereum's NFT sales tallied up to $162 million, as reported by CryptoSlam! data. The Ordinals innovation, launched in January 2023, has revolutionized the NFT landscape by enabling the creation of NFT-like assets on Bitcoin, further fueling the market's growth.

The rise of Bitcoin Ordinals and top collections

As the crypto community witnesses the ascending trajectory of Bitcoin NFTs, the spotlight shines brightly on Bitcoin Ordinals and their standout collections, most notably NodeMonkes. Ordinals, a groundbreaking protocol introduced in January 2023, has redefined digital asset creation within the Bitcoin ecosystem. By allowing users to embed files directly into satoshis, the smallest unit of Bitcoin, Ordinals have paved the way for a new breed of NFT-like assets.

Leading the charge in this innovative space is the NodeMonkes collection, which experienced an astonishing 170% increase in sales from the previous week, reaching over $41 million. This surge in popularity underscores the collection's unique appeal and the growing market appetite for Bitcoin-based NFTs. NodeMonkes, boasting a compilation of 10,000 unique pixelated profile pictures (PFP), claims the title of the first extensive collection on Bitcoin, setting a precedent for future projects.

Notably, the market capitalization of NodeMonkes soared to over $500 million as of March 2, positioning it as the third-largest PFP-style NFT collection across all blockchains, trailing only behind the Ethereum-dominated Bored Ape Yacht Club. The collection's success story is attributed to its "meaningful provenance" and pioneering status on Bitcoin, offering a compelling narrative for speculative investors.

This remarkable growth story of Bitcoin Ordinals and NodeMonkes not only illustrates the vibrant expansion of the Bitcoin NFT market but also signals a shifting paradigm in digital collectibles, challenging Ethereum's long-standing dominance.