According to CryptoSlam, a Web3 data platform, Bitcoin-based non-fungible tokens (NFTs) have attained the second-highest rank in terms of NFT sales per blockchain. This achievement is noteworthy, considering the fact that Bitcoin NFTs were not in existence until the implementation of inscriptions on the Bitcoin main net in January 2023.
Based on the data, Bitcoin NFTs have generated approximately $167 million in the last 30 days, which is significantly lower than Ethereum’s nearly $397 million. Nevertheless, CryptoSlam reports that NFT sales on the Bitcoin network are almost three times greater than those on the Solana network, with the latter amounting to approximately $57 million.
Bitcoin’s swift emergence in the NFT arena is propelled by the Ordinals Protocol, which allows for the inscription of satoshis – the smallest unit of bitcoin – with data, including JPEGs. Despite facing opposition within the Bitcoin community, Yuga Labs, a leading NFT company, launched its own Ordinals-based collection in February, thereby boosting excitement and investment in their adoption.
As per CryptoSlam’s findings, Bitcoin Frogs is the leading NFT collection based on Bitcoin, having generated $6.3 million in sales within the last seven days. The collection experienced a surge in sales last week, with proceeds amounting to $2.3 million on May 17.
