Bitcoin Surges to Second Place in NFT Sales within a Few Months

Bitcoin-based non-fungible tokens (NFTs) have soared to the second position in terms of NFT sales per blockchain, as reported by CryptoSlam, a renowned Web3 data platform. This achievement is truly remarkable considering that Bitcoin NFTs were virtually non-existent until the introduction of inscriptions on the Bitcoin mainnet in January 2023.

In the last thirty days, Bitcoin NFTs have generated approximately $167 million in sales, falling short of Ethereum's impressive total of nearly $397 million. Despite this, Bitcoin's NFT sales have outperformed the Solana network by almost three times, as reported by Cryptoslam, with sales reaching around $57 million.

Bitcoin's rapid ascent in the NFT arena can be attributed to the Ordinals Protocol, which enables the embedding of data, such as a JPEG, into satoshis—the smallest unit of bitcoin. Despite facing criticism within the Bitcoin community, this technology gained significant traction when NFT giant Yuga Labs launched their own Ordinals-based collection in February. This move sparked immense enthusiasm and capital influx, driving further adoption of the protocol.

CryptoSlam has recently reported Bitcoin Frogs as the reigning top Bitcoin-based NFT collection, boasting an impressive sales figure of $6.3 million over the past seven days. This collection witnessed a notable surge in popularity last week, recording a remarkable $2.3 million in sales on May 17 alone.