SNEAK PEEK

  • A NodeMonke NFT from a Bitcoin-based collection breaks sales records, fetching over $1 million amid Bitcoin’s price rally.

  • Bitcoin NFTs outperform Ethereum in 24-hour trading volume, highlighting a growing preference for Bitcoin’s blockchain for digital collectibles.

  • The first 10,000-count profile picture collection on Ordinals, NodeMonkes, leads the trend, showcasing the unique use of Bitcoin for art and data inscriptions.

The digital art world witnessed a remarkable event as a NodeMonke, part of a Bitcoin-based NFT collection, sold for over $1 million, signaling a significant interest shift towards Bitcoin’s blockchain for NFT transactions. This sale occurred amidst a broader rally in Bitcoin prices, which are nearing the $69,000 mark, highlighting the growing market adoption of Bitcoin for digital collectibles.

In the past 24 hours, Bitcoin NFT collections outperformed Ethereum-based collections in trading volume, amassing $35 million compared to Ethereum’s $22 million. This surge underscores the rising demand for Bitcoin-based assets over the traditionally dominant Ethereum platform.

NodeMonkes, a collection of pixelated comic monkeys, recently emerged as the most traded Ordinals collection. The collection set a new all-time high in sales volume, crossing over $11 million, according to Cryptoslam data. The project debuted in December 2023, with an initial listing price near $9,000. Its artwork was uniquely imprinted on Bitcoin in February 2023, predating other early collections, which adds to its rarity and appeal among investors. The minimum price for a piece from this collection is $52,000, while rarer items have seen listings as high as $65 million.

This collection marks a milestone as the first 10,000-count profile picture collection on Ordinals, a novel method for inscribing text, data, and art on individual Bitcoin fragments. This technological innovation allows for a new form of asset ownership and creativity on the Bitcoin blockchain, distinct from Ethereum’s approach.

Observers anticipate this trend of Ordinal inscriptions to continue gaining momentum through March, pointing towards a burgeoning interest in leveraging Bitcoin’s blockchain for more than just transactions. The anticipation around the Runes protocol and the upcoming Bitcoin halving further fuels speculations about the future of Bitcoin-based digital assets and their potential impact on the broader NFT market.

The shift towards Bitcoin for NFTs represents a diversification of the blockchain landscape and highlights the evolving dynamics of digital art and collectibles. This movement suggests a growing recognition of Bitcoin’s potential beyond its primary use as a digital currency, expanding its role in the digital asset ecosystem.

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