Bitcoin (BTC) non-fungible token (NFT) sales have recently surpassed Ethereum (ETH) in the past week, driven by a surge in Bitcoin Ordinals-based NFT collections. The NodeMonkes collection has been a key player in this growth, with the Bitcoin NFT market experiencing an impressive 80% week-over-week increase, totaling $168.5 million in sales. In comparison, Ethereum generated $162 million in NFT sales during the same period, as reported by CryptoSlam.
The emergence of Bitcoin Ordinals has been a significant factor in this shift within the NFT landscape. Ordinals, introduced in January 2023, revolutionized the space by enabling users to link files, such as images, with satoshis (sats), the smallest unit of Bitcoin. This innovative approach essentially created NFT-like assets on the Bitcoin blockchain, leading to a surge in popularity.
Among the top-selling NFT collections of the week, three out of the top five were Bitcoin Ordinals-based. The uncategorized Ordinals led the sales with over $43 million generated through more than 47,000 transactions. Following closely behind was the NodeMonkes collection, a series of 10,000 unique pixelated profile picture (PFP)-style Ordinals, which recorded over $41 million in sales, marking a significant increase from the previous week. The Natcats collection, another Ordinals-based project, secured the fourth position with over $10 million in sales.
NodeMonkes, launched in December, boasts of being the first 10,000-strong collection on the Bitcoin blockchain. Despite earlier 10,000-count Ordinals collections, NodeMonkes distinguished itself by engraving its collection onto the blockchain in February 2023, just a month after Ordinals’ initial release. Recent reports indicate that NodeMonkes’ market capitalization has exceeded $500 million, making it the third-largest PFP-style NFT collection across all blockchains, trailing only the Ethereum-based Bored Ape Yacht Club (BAYC).
The sudden surge in NodeMonkes’ market value has sparked speculation within the industry, with some attributing its appeal to its “meaningful provenance.” Kevin Wu, the founder of NFT collection GRAYCRAFT, highlighted NodeMonkes’ significance as the first PFP-style NFT collection on the “first chain ever.” This narrative has captured the attention of speculative investors, contributing to NodeMonkes’ rapid rise in market capitalization.
The NFT market has experienced a resurgence recently, coinciding with the recovery in crypto prices. NFT trading volume surged by $99 million in October, reaching $405 million, marking levels of sales not seen since August. Additionally, NFT sales on the Bitcoin network hit a new milestone in December 2023, surpassing $881 million for the first time. This milestone included 111,713 buyer addresses and 98,744 seller addresses, setting new records for single-month activity.
In a groundbreaking move, the Musée d’Orsay in Paris has ventured into the world of blockchain and digital art by commissioning its first-ever on-chain NFT exhibition. The museum is set to release a collection of tokenized artwork titled “The Convergence of Breath,” minted on the Tezos blockchain. This collection is a result of an art installation and social experiment currently on display as part of the museum’s digital-themed exhibition, “Le Code d’Orsay.”
This surge in Bitcoin NFT sales, coupled with innovative projects like NodeMonkes and the Musée d’Orsay’s foray into blockchain art, highlights the evolving landscape of NFTs and their increasing integration into the mainstream art world.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
