bitcoin NFTs on Magic Eden have seen their best month yet for fees and trading volume amid sustained interest in the leading cryptocurrency from industry and Wall Street participants.
Magic Eden's bitcoin nft market peaked this month with more than $100 million in trading volume by digital collectibles traders, according to a Dune analysis Dashboard provided by pseudonymous contributor Sealaunch.
The $2 million in fees paid for buying and selling bitcoin NFTs on Magic Eden also set a record on the platform. There were more than 45,000 buyers in the market and more than 91,000 sellers, but sales did not exceed the figures set in December last year.
The Magic Eden bitcoin nft market has seen an upward trend in volume, fees, buying and selling since September last year, when bitcoin (btc) changed hands for around $25,000 according to TradingView. btc is up more than 125% since then, trading above $57,000 for the first time since December 2021.
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A collection called “Rare Pepes” is considered the first nft collection about bitcoin, although the term “non-fungible token” did not exist then. The effort predates the nft hype that would later accumulate on the second-largest cryptocurrency chain, ethereum, in late 2019, following the successful launch of crypto Punks two years earlier.
bitcoin NFTs returned in 2023 with the introduction of ordinals and inscriptions, a method of adding data to btc transactions. The technique was created by Casey Rodarmor in January of last year and paved the way for renewed decentralized financial activity on the genesis blockchain of cryptocurrencies.
While the standard inspired pseudonymous developer Domo to create the BRC-20 framework, unlocking a multibillion-dollar token ecosystem on bitcoin, core contributors rejected the idea, labeling it a bug with the potential to threaten the btc chain.
