The popularity of Bitcoin-based NFTs is gaining momentum, with collections like Space Pepes and Bitcoin Frogs challenging Ethereum's long-standing dominance in the NFT space. The Space Pepes collection, a range of unique Bitcoin-based digital collectibles, ranked as the top-selling NFT collection in the past 24 hours, registering about $7.3 million in trading.
Although the trading volume of Bitcoin-based NFTs is considerably lower compared to Ethereum-based NFTs ($294 million versus nearly $44 billion all-time sales volume), they have been gaining significant traction over the last month. Bitcoin-based NFTs generated $156 million in sales during the past 30 days, ranking it as the second most popular blockchain for digital assets. Ethereum, on the other hand, recorded about $420 million in total sales over the past month.
The emergence of Bitcoin as a significant player in the NFT space marks the beginning of a new era. Its inherent features of high security and liquidity make it an attractive platform for creators to launch their NFTs. As such, the increasing adoption of Bitcoin for minting NFTs is not a surprise for crypto veterans, and this trend could reshape the landscape of the NFT market.
The emergence of Bitcoin as a significant player in the NFT space marks the beginning of a new era. Its inherent features of high security and liquidity make it an attractive platform for creators to launch their NFTs. As such, the increasing adoption of Bitcoin for minting NFTs is not a surprise for crypto veterans, and this trend could reshape the landscape of the NFT market.
