Bitcoin-based non-fungible tokens (NFTs) have been gaining rapid popularity after the launch of ordinary inscriptions. As of early June 2024, more than 3 million transactions saw $3.82 billion in NFT sales on the Bitcoin blockchain, making Bitcoin the fourth-largest for total NFT sales.
Of the $3.82 billion in sales, about $81.95 million (just over 2%) are believed to be from wash trades. A wash trade is where an individual buys and sells the same asset to create artificial value. Ethereum, the largest blockchain for NFT sales with $43.81 billion, has 43% of its sales from wash trades. Bitcoin NFTs saw 517,207 buyers and 430,455 sellers make over 3 million transactions, with 15,828 of these being wash trades.
Several Bitcoin NFT collections have high market capitalizations. According to Magic Eden, Nodemonkes has the largest collection with a value of $178.4 million. The Runestone NFT collection is second, with a market value of $128.2 million. Ordinal Maxi Biz NFTs take third place with a market capitalization of $98 million. Closing off the top five are Bitcoin Puppets and Quantum Cats, valued at $94.7 million and $68.2 million, respectively. Other notable collections include Bitmap ($55 million) and Bitcoin Frogs ($40.2 million).
This surge of Bitcoin NFTs, driven by ordinary inscriptions, marks a significant shift in the digital collectibles market. As Bitcoin finds its place amongst the top blockchains, rivalry with platforms like Ethereum reveals a diversifying and dynamic ecosystem. This evolution makes the investment opportunities more vivid and promises a bright future for Bitcoin NFTs.
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