Bitcoin, a blockchain network best known for its Bitcoin ordinal non-fungible token (NFT) collectibles, has recently seen a resurgence in the NFT market, suggesting that the entire NFT market may be recovering. The Bitcoin NFT market appears to be regaining its footing and reclaiming its dominance in the NFT market.
CryptoSlam.io, an on-chain data aggregator, obtained data showing that Bitcoin, the blockchain network behind the flagship cryptocurrency Bitcoin, has regained its dominance in the non-fungible token market. In the past 24 hours, Bitcoin-based NFT sales reached $33 million, an increase of 29% from the previous day.
Bitcoin regained its dominance in the NFT market in November last year, following the resurgence of BRC-20 NFT collections. BRC-20 is an experimental token standard that makes it possible to mint and transfer fungible tokens on the Bitcoin blockchain. BRC-20 stands for Bitcoin Request for Comment, similar to the ERC-20 token standard on Ethereum and EVM blockchain networks.
Unfortunately, Bitcoin lost its initial dominance in the NFT market earlier this year to Ethereum and Solana as the hype around the BRC-20 NFT and Bitcoin ordinals waned. The Bitcoin NFT market is recovering, with sales now surpassing those of Solana and Ethereum.
NodeMonkes is an NFT collection hosted on Bitcoin. With a limited release of 10,000 NFTs, it is one of the collections driving the growth of the Bitcoin NFT market. In the past 24 hours, NodeMonkes attracted $10 million in transaction sales. NodeMonkes NFT sales increased by 35% from the previous day.
Bitcoin Ordinal is a non-fungible token collection created specifically on the Bitcoin blockchain using the Satoshi Ordinal Theory and is one of the collections driving the growth of the Bitcoin NFT market. In the past 24 hours, Bitcoin Ordinal sales reached $9.2 million.
Finally, Nat Cats is the first non-arbitrary art collection created through the DMT (Digital Meta-Token) framework on the Bitcoin blockchain network, and is one of the collections that is driving the growth of the Bitcoin NFT market. In the past 24 hours, the transaction sales of the Nat Cat NFT collection reached $3 million. Nat Cats NFT sales increased by 342% compared to the previous day.
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This week, NFT sales increased by 23%, and investors who purchased NFTs increased by 43%
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