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Bitcoin Ordinals Bitcoin, the blockchain network known for its collection of non-fungible tokens, has rebounded in the NFT market, suggesting that the regular NFT market may be making a comeback. The Bitcoin NFT market seems to be back on track and has regained its dominance in the NFT market.
Bitcoin rebounds in NFT market
Bitcoin, the blockchain network behind the flagship cryptocurrency Bitcoin, has regained its early dominance in the non-fungible token market, according to data obtained by on-chain data aggregator CryptoSlam.io. In the last 24 hours, sales of Bitcoin-based NFTs reached $33 million, a 29% increase from the previous day.
Bitcoin dethroned Ethereum from NFT market dominance last November after the revival of the BRC-20 NFT collection. BRC-20 is an experimental token standard that allows for the issuance and transfer of fungible tokens on the Bitcoin blockchain. It stands for Bitcoin Request for Comment and is similar to the ERC-20 token standard on the Ethereum and EVM blockchain networks.
Unfortunately, Bitcoin lost its initial NFT market dominance to Ethereum and Solana earlier this year after the hype of the BRC-20 NFTs and the Bitcoin ordinal market died down. The Bitcoin NFT market is showing signs of revival, with sales now surpassing Solana and Ethereum.
NFTs driving Bitcoin NFT market growth
NodeMonkes, an NFT collection featuring a limited set of 10,000 NFTs hosted on Bitcoin, is one of the NFT collections that has fueled the growth of the Bitcoin NFT market. In the last 24 hours, NodeMonkes recorded $10 million in transaction sales. NodeMonkes NFT sales increased 35% from the previous day.
Bitcoin Ordinal, a collection of non-fungible tokens created exclusively on the Bitcoin blockchain network using Satoshi Nakamoto ordinal theory, is another NFT collection that has contributed to the growth of the Bitcoin NFT market. In the last 24 hours, Bitcoin Ordinal’s sales volume reached $9.2 million.
Lastly, Nat Cats, the first non-random art collection created on the Bitcoin blockchain network through the Digital Metazone Tokens (DMT) 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 recorded $3 million in transaction sales. Nat Cats NFT sales surged 342% from the previous day.
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