According to CryptoSlam, a Web3 data platform, itcoin">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 itcoin">Bitcoin NFTs were not in existence until the implementation of inscriptions on the itcoin">Bitcoin main net in January 2023.
Based on the data, itcoin">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 itcoin">Bitcoin network are almost three times greater than those on the Solana network, with the latter amounting to approximately $57 million.
itcoin">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 itcoin">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, itcoin">Bitcoin Frogs is the leading NFT collection based on itcoin">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.
