Bitcoin NFTs are bringing impressive gains to digital arts traders, after several collections deployed on the blockchain featured in the top 10 collectibles by sales volume during the third week of May.
Bitcoin NFTs have been on the rise after the success of the Ordinals protocol. Over the past seven days (May 15 to 21), three NFT projects deployed on the most popular blockchain technology featured in the top ten digital collections by weekly sales, per data from NFT data aggregator CryptoSlam.
The projects in question are Uncategorized Ordinals, Space Pepes, and Bitcoin Frogs. Uncategorized Ordinals NFTs generated around $8.5 million in sales while Space Pepes brought in $7.4 million, while $6.4 million came from Bitcoin Frogs.
Bitcoin NFTs outperform expectations
Together, the three NFTs accounted for approximately $22 million of total weekly sales, and despite a 45% decline in Uncategorized Ordinals sales, there were increased transactions (over 19,000) and buyer numbers (over 7,000).
Unlike Uncategorized Ordinals, Space Pepes saw a 60% rise in sales after witnessing a 37% increase in transactions to 1,068 from around 571 buyers. The number of buyers slid for Bitcoin Frogs, as did the number of transactions. However, the project’s average sale value led to an uptick in sales.
As of May 22, Bitcoin NFT sales volume was about $306 million, and the three aforementioned projects account for 54% of this figure ($166 million).
Other projects that have made significant contributions to the NFT craze on Satoshi Nakamoto’s innovation include, but are not limited to, Bitcoin Shrooms, Ordinal Punks, Taproot Wizards Ordinals, and Inscription Zero.
Bitcoin enters top 10 NFT blockchains by all-time sales volume
Bitcoin is now the tenth biggest NFT blockchain by all-time sales volume thanks to the performance of recent collections.
The latest achievement comes 18 months after Taproot, an upgrade which finally triggered smart contracts and expanded the blockchain’s use cases, was introduced.
With this, Bitcoin has surpassed Fantom, Algorand, Arbitrum, and Binance Chain in the ranks. While the blockchain trails Avalanche, Immutable X, WAX, Cardano, Polygon, Flow, Solana, Ronin, and Ethereum, extensive development activity could see it flip competitors in sales before the end of the year.
BTC, which remains the largest digital asset by market capitalization despite the ups and downs of the market, opened the week on May 15 with a trading price of $26,931.38, and reached a weekly high price of $27,646.35.
By the close of the week on May 21, BTC was exchanging hands for $26,753.83 after minimum and maximum daily trading volumes of $7 billion and $15 billion respectively.
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