Ethereum, the leading platform for non-fungible tokens (NFTs), has been surpassed by Bitcoin in terms of weekly sales volume for the first time in history. According to CryptoSlam!, a website that tracks NFT data, Bitcoin NFTs generated US$168.5 million in sales in the last seven days, while Ethereum NFTs only accounted for US$162 million. This represents an 80% increase in Bitcoin NFT sales and a 5% decrease in Ethereum NFT sales compared to the previous week.
The main driver behind Bitcoin's NFT surge was the popularity of Ordinals, a protocol that allows users to create NFT-like assets by embedding files into satoshis, the smallest unit of Bitcoin. Ordinals, which launched in January 2023, enabled the creation of various NFT collections on the Bitcoin blockchain, such as NodeMonkes, Natcats, and BitPunks. These collections, along with uncategorized Ordinals, accounted for three of the top five best-selling NFT collections of the week.
NodeMonkes, a collection of 10,000 pixelated profile picture (PFP) NFTs, was the second best-selling collection of the week, with over US$41 million in sales. NodeMonkes claims to be the first 10,000-strong PFP collection on Bitcoin and has gained a loyal fan base and a high market capitalization. Natcats, another PFP collection featuring 10,000 unique cat images, was the fourth best-selling collection, with over US$10 million in sales.
Ethereum, on the other hand, saw a decline in its NFT sales, despite having more buyers and transactions than Bitcoin. Ethereum's top-selling collection was CryptoPunks, a pioneering PFP collection that has been one of the most valuable and sought-after NFTs in the market.
The flippening of Bitcoin and Ethereum in NFT sales is a remarkable event, as it shows the growing diversity and innovation of the NFT space. Bitcoin, which is often seen as a store of value rather than a platform for smart contracts and DApps, has proven that it can also host creative and expressive NFT projects. Ethereum, which has been the dominant force in the NFT industry, has faced some challenges, such as high fees, congestion, and competition from other blockchains. However, Ethereum still has a strong and vibrant NFT community and is expected to improve its performance and functionality with the upcoming upgrades and innovations.
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