SNEAK PEEK
- Bitcoin Ordinals’ NodeMonkes project overtakes Bored Ape NFTs in market capitalization.
- NodeMonkes, featuring 10,000 8-bit monkey-themed digital collectibles, sees a surge in demand.
- Runestone, another Bitcoin Ordinals project, experiences a remarkable value surge following an airdrop.
Bitcoin Ordinals project NodeMonkes has surged past the renowned Bored Ape Yacht Club in terms of market capitalization, marking a significant milestone in the realm of non-fungible tokens (NFTs). As per data from Magic Eden, NodeMonkes boasts a market capitalization of 7,300 BTC, equivalent to approximately $490 million, while the Bored Ape Yacht Club’s market cap sits at 136,500 ETH, roughly $483 million, according to NFT Price Floor.
NodeMonkes have flipped BAYC after going from 0.54 to 0.78 BTC floor today.
You can't fully see it, but figured I'd show the full chart.
NodeMonke floor: $52,600
BAYC floor: $48,780 pic.twitter.com/QNkAe5jUiV— NFTstats.eth (@punk9059) March 18, 2024
Although Ethereum-based collections have regained their lead for now, the competition remains tight, with a mere $30 million separating the market caps of these two prominent NFT collections.
NodeMonkes, introduced in December, comprises 10,000 8-bit monkey-themed digital collectibles. The project’s market cap is determined by multiplying the floor price by the number of assets in the collection. Notably, NodeMonkes #2769 fetched a staggering 17 BTC, approximately $1.08 million at the time, on Magic Eden in February.
The surge in demand for Bitcoin Ordinals projects aligns with Bitcoin’s record-breaking price surges. Over the past week, Ordinals projects have amassed a trading volume of $135 million, while Ethereum NFTs recorded sales totaling $113 million, according to CryptoSlam data.
Another notable player in the Bitcoin Ordinals space is Runestone, which experienced a surge in value following an airdrop on March 14. With 112,383 tokens on Bitcoin, Runestone swiftly rose to become one of the top three most-traded NFT projects, amassing $5.3 million in trading volume within 24 hours, per data from DappRadar.
The anticipation surrounding the Runestone airdrop reached a fever pitch, evidenced by a single Runestone inscription fetching 8 BTC, around $533,956, at auction prior to the airdrop. The excitement stems from the forthcoming launch of the Rune token protocol by Ordinals creator Casey Rodarmor, scheduled to coincide with the Bitcoin halving in April.
In response to the growing popularity of Bitcoin Ordinals, Yuga Labs, the creators of Bored Ape Yacht Club, unveiled their collection of Ordinal inscriptions dubbed TwelveFold, featuring 300 generative NFT art pieces. Yuga Labs co-founder Greg Solano expressed optimism about the future of digital artifacts on Bitcoin.
As the landscape of NFTs continues to evolve, the rise of Bitcoin Ordinals projects signals a paradigm shift in the market, challenging the dominance of Ethereum-based collections and reshaping the dynamics of digital asset ownership.
