SNEAK PEEK
- Bitcoin NFT sales have skyrocketed by 80% week-over-week, surpassing Ethereum’s sales volume and signaling a notable trend in the digital asset market.
- Collections such as NodeMonkes, featuring unique pixelated profile pictures, have seen a remarkable surge in sales, with NodeMonkes’ market cap reaching over $500M.
- Kevin Wu, founder of Graycraft, suggests that NodeMonkes’ appeal lies in its “meaningful provenance” as the first PFP-style NFT collection on Bitcoin.
Bitcoin NFTs have surged into the spotlight, boasting remarkable sales figures that have outpaced Ethereum in the past week. The sudden spike in Bitcoin nonfungible token (NFT) sales, mainly fueled by collections like NodeMonkes, has propelled Bitcoin ahead of Ethereum in weekly sales volume.
According to data from CryptoSlam, Bitcoin NFT sales skyrocketed by 80% week-over-week to an impressive $168.5 million, surpassing Ethereum’s $162 million in sales. This surge was primarily driven by the emergence of Bitcoin Ordinals-based collections, with three of the top five best-selling NFT collections for the week being Bitcoin Ordinals-based.
NodeMonkes, a collection of 10,000 unique pixelated profile pictures (PFP)-style Ordinals, emerged as a significant player in this resurgence. With over $41 million in sales, NodeMonkes experienced a nearly 170% increase from the previous week, solidifying its position as a top contender in the Bitcoin NFT space.
Additionally, the uncategorized Ordinals, not part of any specific collection, drew in the most sales, totaling over $43 million across more than 47,000 transactions. The Ordinals collection Natcats also made a notable impact, securing the fourth position for the week with over $10 million in sales.
NodeMonkes’ market capitalization soared past the $500 million mark, positioning it as the third-largest PFP-style NFT collection across all blockchains, trailing only the Ethereum-based Bored Ape Yacht Club (BAYC). Despite the impressive performance, the reasons behind NodeMonkes’ recent surge remain somewhat unclear.
I rarely buy NFTs anymore, but let me explain the @nodemonkes thesis.
For a meaningful provenance play to exist, multiple factors must align, and @nodemonkes by sheer luck/skill has it.
1. Never thought another meaningful provenance play could appear after @cryptopunksnfts.… pic.twitter.com/MbvmxmnnOi
— Kevin Wu (@kevwuzy) February 22, 2024
According to Kevin Wu, founder of the NFT collection Graycraft, NodeMonkes holds “meaningful provenance” as the first PFP-style NFT collection on “the first chain ever,” which could be contributing to its appeal among speculative investors.
As Bitcoin NFTs continue to gain traction, NodeMonkes’ meteoric rise serves as a testament to the growing prominence of Bitcoin-based collections in the NFT space. With its unique offerings and compelling narrative, NodeMonkes has carved out a significant niche in the ever-expanding world of digital assets.
