Join our Telegram channel to stay up to date on breaking news coverage
bitcoin, the blockchain network recognized for its collection of bitcoin Ordinals non-fungible tokens, has rallied in the nft market, suggesting that the overall nft market could be making a comeback. The bitcoin nft market seems to be finding its footing again and has regained dominance of the nft market.
bitcoin recovers in the nft market
Data obtained by CryptoSlam.io, an on-chain data aggregator, shows that bitcoin, the blockchain network behind the flagship cryptocurrency bitcoin, has regained its initial dominance in the non-fungible token market. In the last 24 hours, bitcoin-based NFTs have accumulated a sales volume of $33 million, which is 29% from the previous day.
<img decoding="async" class="alignnone wp-image-485339" alt="bitcoin nft Sales” width=”840″ height=”347″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-returns-to-the-NFT-market-surpasses-Ethereum-in-NFT”https://technicalterrence.com/crypto/bitcoin/”>bitcoin–nft-Sales-1-300×124.png 300w, https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-returns-to-the-NFT-market-surpasses-Ethereum-in-NFT”https://technicalterrence.com/crypto/bitcoin/”>bitcoin–nft-Sales-1.png 657w” data-lazy-sizes=”(max-width: 840px) 100vw, 840px” src=”https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-returns-to-the-NFT-market-surpasses-Ethereum-in-NFT”https://technicalterrence.com/crypto/bitcoin/”>bitcoin–nft-Sales-1-300×124.png”/>bitcoin–nft-Sales-1-300×124.png” alt=”bitcoin nft Sales” width=”840″ height=”347″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-returns-to-the-NFT-market-surpasses-Ethereum-in-NFT”https://technicalterrence.com/crypto/bitcoin/”>bitcoin–nft-Sales-1-300×124.png 300w, https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-returns-to-the-NFT-market-surpasses-Ethereum-in-NFT”https://technicalterrence.com/crypto/bitcoin/”>bitcoin–nft-Sales-1.png 657w” sizes=”(max-width: 840px) 100vw, 840px”/>
bitcoin dethroned ethereum in nft market dominance in November last year, following the resurgence of the BRC-20 nft collection. BRC-20 is an experimental token standard that enables the minting and transfer of fungible tokens on the bitcoin blockchain. It stands for bitcoin Comment Request and is similar to the ERC-20 token standard on the ethereum and EVM blockchain networks.
Unfortunately, bitcoin lost its initial dominance in the nft market to ethereum and Solana earlier this year after enthusiasm for the BRC-20 nft and bitcoin Ordinals market faded. The bitcoin nft market is experiencing a resurgence, with its sales volume now surpassing Solana and ethereum.
NFTs Drive bitcoin nft Market Growth
NodeMonkes, an nft collection featuring a limited set of 10,000 bitcoin-hosted NFTs, is one of the nft collections that has fueled the growth of the bitcoin nft market. In the last 24 hours, NodeMonkes has attracted $10 million in trading sales volume. NodeMonkes nft sales increased by 35% from the previous day.
bitcoin Ordinals, a collection of non-fungible tokens created exclusively on the bitcoin blockchain network using Satoshi Nakamoto's ordinal theory, is another nft collection that has contributed to the growth of the bitcoin nft market. In the last 24 hours, bitcoin Ordinal has accumulated a sales volume of $9.2 million.
Lastly, Nat Cats, the first non-arbitrary art collection created on the bitcoin blockchain network via the DMT (Digital Metazone Tokens) framework, is another nft collection that has contributed to the growth of the bitcoin nft market. In the last 24 hours, the Nat Cat nft collection has recorded a trading volume of $3 million. Nat Cats nft sales increased by 342% from the previous day.
nft related news:
- Audited by Coinsult
- Secure and decentralized cloud mining
- Earn free bitcoin daily
- Native Token on Pre-Sale Now – BTCMTX
- Staking Rewards: Over 50% APY
Join our Telegram channel to stay up to date on breaking news coverage
