Bitcoin has made a resounding comeback in the NFT space, surpassing Ethereum in weekly sales volume. This unexpected turn of events can be attributed to the introduction of a novel protocol called Ordinals that has revolutionized the way NFTs are created and traded on the Bitcoin blockchain.

Launched in January 2023, Ordinals provided a groundbreaking solution for minting NFTs on Bitcoin. Allowing users to insert files, such as images, into the smallest unit of Bitcoin, called satosdinals paved the way for a new era of Bitcoin-based NFTs. 

This innovation has sparked a resurgence in the Bitcoin NFT ecosystem, attracting interest and investment from collectors and enthusiasts.

Record-Breaking Sales Volume

The impact of Ordinals on Bitcoin NFTs has been nothing short of remarkable. Over the past week, Bitcoin NFT sales skyrocketed by an astonishing 76% compared to the previous week. 

According to data from CryptoSlam, it has recorded a staggering $174 million in total sales volume. 

This exceptional figure not only represents a year-to-date record for daily Bitcoin NFT sales but also surpasses the sales volume of Ethereum, the long-standing leader in the NFT market.

Ethereum, which has traditionally dominated the NFT market, recorded $ 163 million in sales during the same period, highlighting the remarkable shift in momentum towards Bitcoin NFTs. 

This achievement shows the growing interest and adoption of Bitcoin-based NFTs, fueled by the innovative capabilities of Ordinals. The surge in Bitcoin NFT sales can be mainly attributable to several popular Ordinals-based NFT collections. 

Three of the week’s top five best-selling NFT collections were BTC Ordinals-based, demonstrating the strong demand and appeal of these unique digital assets. Leading the charge was NodeMonkes, a collection of 10,000 unique pixelated profile picture (PFP)-style Ordinals launched in December 2023. 

NodeMonkes recorded over $41 million in sales, a staggering 170% increase from the previous week. This performance propelled NodeMonkes to become one of the most valuable PFP-style NFT collections across all blockchains. 

With a reported market capitalization surpassing $500 million, it is now trailing only the iconic Bored Ape Yacht Club (BAYC) on Ethereum. Another notable collection that contributed to the Bitcoin NFT sales boom was Natcats, securing the fourth position for the week with over $10 million in sales.

NodeMonkes have flipped Pudgy market cap and jumped to the #3 overall spot in terms of PFPs.

Just 3 days ago, Pudgy market cap was more than 2x NodeMonkes.

Puppets have flipped Milady as well.

The speed of moves in this space is pretty insane. pic.twitter.com/ZMafTWJPl2

— NFTstats.eth (@punk9059) March 3, 2024

Uncategorized Ordinals’ Contribution

While specific collections gathered significant attention, it’s essential to recognize the impact of uncategorized Ordinals, which drew in the most sales during the week. 

Over $43 million worth of uncategorized Ordinals were sold across more than 47,000 transactions, further solidifying the growing popularity and adoption of Ordinals-based NFTs.

This surge in uncategorized Ordinals sales highlights its protocol’s versatility and potential, allowing creators and artists to mint unique digital assets without being confined to specific collections or projects.

As the Bitcoin NFT ecosystem continues to evolve and gain traction, it is evident that Ordinals has unlocked a new frontier for digital asset creation and trading on the pioneering cryptocurrency’s blockchain. 

With its decentralized and secure nature, BTC is poised to offer a compelling alternative to traditional NFT platforms, fostering innovation, creativity, and a vibrant community of collectors and enthusiasts.