NFT Trade Volume in Bitcoin
In recent years, the popularity of NFTs (non-substitutional tokens) has increased, and trading has been active on a variety of blockchain networks. Notably, Bitcoin, first recognized as a financial utility, is quickly gaining ground in the NFT world.
Bitcoin and NFTs
Bitcoin is leveraging its robust blockchain network and broad user base to establish a new position in the NFT market. Until now, Ethereum has been positioned as the primary application for NFTs, followed by Solana and Polygon.
However, Bitcoin recently surpassed Solana in NFT sales volume over a seven-day period, moving into second place behind Ethereum.
Bitcoin NFT’s Surge in Popularity
While some critics point to network delays and increased fees, many say the technology will enhance the blockchain.Bitcoin NFT, aka Ordinals, is quickly gaining popularity, with approximately 9.3 million descriptions created since its introduction.
The Bitcoin NFT also has a stablecoin called Stably USD, issued by the Web3 company Stably. This allows Ordinals to be traded more easily than with USD or other fiat currencies.
Bitcoin NFT Trading Volume
A Bitcoin-based NFT collection called “Space Pepes” has received particular attention. This collection was the most traded NFT over a seven-day period, bringing the collection’s total value to over $7.3 million.
These weekly figures surpassed the popular Ethereum-based collection Bored Apes Yacht Club (BAYC), indicating that Bitcoin-based artwork is gaining popularity over the likes of other networks such as Solana and Polygon This indicates that Bitcoin-based artwork is gaining popularity over the likes of other networks such as Solana and Polygon.
Over the past 30 days, Bitcoin NFT transaction volume has reached approximately $167 million, closing in on Ethereum’s $397 million. And Bitcoin NFT sales are well ahead of the Solana network’s approximately $57 million, almost triple its transaction volume. These numbers indicate that Bitcoin is gaining significant ground in the NFT market.
※reference URL①:This Week in the Metaverse: Bitcoin ups its NFT game, surpassing Solana in weekly volume
※reference URL②:Bitcoin-Based ‘Space Pepes’ Led Weekly Trading Volumes Among NFT Collections
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