Bitcoin-based collections have an edge over Ethereum NFTs – Here’s why
The success of Ordinals-based collections reflected a paradigm shift in the NFT landscape.
- NodeMonkes logged the second-highest sales volume in the last 24 hours.
- Bitcoin was the top-ranked chain in NFT sales over the last week.
The non-fungible token [NFT] market has been known for its ebbs and flows through its brief history, with exciting projects popping up at different stages to pique the interest of enthusiasts.
NodeMonkes makes waves
The latest sensation happened to be Bitcoin [BTC]-based NodeMonkes.
As per AMBCrypto’s analysis of CoinGecko’s data, its floor price surged by over 50% in the last 24 hours, propelling it to become the second-largest NFT collection at press time.
A floor price is the lowest price that an NFT can be sold for. In recent years, it has become the gold standard for evaluating the growth of a collection. The higher the floor price, the better.
As of this writing, NodeMonkes’ floor price was 0.82 BTC, worth over $55k, placed just below the blue-chip powerhouse, CryptoPunks, whose floor price was above $177k.
The highlight of the surge was how NodeMonkes surpassed the other giant, Bored Ape Yacht Club [BAYC].
The Bitcoin-based collection also logged the second-highest sales volume in the last 24 hours, totaling over $4 million. This represented a jump of 106%.
A product of the now-popular Ordinals technology, NodeMonkes are a collection of 10,000 unique monkey-inspired digital artworks.
The NFT grabbed the attention of the market earlier this month, when one of its sales topped $1 million.
Note that this sale came alongside a sharp uptick in Bitcoin’s price, which likely contributed to the USD figure.
Ordinals power Bitcoin’s NFT ecosystem
But NodeMonkes wasn’t the only Ordinals-based collection making waves in the market.
Runestone, a project led by Ordinals developer Leonidas, saw a 40% spike in its floor price in the last 24 hours to top 0.04 BTC.
The success of these collections reflected a paradigm shift in the broader NFT landscape.
Ethereum [ETH] NFTs have dominated this sector ever since they burst onto the scene in 2021.
Read Bitcoin’s [BTC] Price Prediction 2024-25
However, the introduction of Ordinals has altered the dynamics significantly, causing Bitcoin to become the most-favored network for NFT transactions.
According to AMBCrypto’s analysis of CryptoSlam’s data, Bitcoin was the numero uno chain in NFT sales in the last week, followed by Ethereum and Solana [SOL].
