NFTs
Bitcoin NFTs now dominate trading volume on Magic Eden – DL News
What will you learn
- Bitcoin NFTs now dominate trading volume on Magic Eden.
- Subscription-based Bitcoin NFTs reached $100 million in trading volume this month.
- The popular NodeMonkes and Puppets collections are leading the charge.
Bitcoin NFTs are seeing huge success in February.
Ordinal-Inspired Bitcoin NFT Trading Surpassed $100M on Magic Eden This Month, Data From Platform’s Dune panel show. Ordinals is a protocol that allows users to create non-fungible tokens and cryptographic tokens on the Bitcoin blockchain.
February’s Bitcoin milestone is a record for monthly NFT trading for a single blockchain on Magic Eden, a marketplace that supports NFTs created on four different blockchains.
Bitcoin NFTs now account for nearly two-thirds of trading volume on Magic Eden, generating $2 million in fees for the platform, data shows.
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Magic Eden used to only support Solana-based NFT collections when it launched in September 2021, but now supports collections on the Polygon, Bitcoin, and Ethereum blockchains. Support for Ethereum-based NFTs began today.
February’s record Bitcoin NFT trading volume comes amid a surge in trading activity on popular NodeMonkes and Puppets collections.
NodeMonkes claims to be the original collection of 10,000 items inscribed in Bitcoin.
The minimum collection price in Magic Eden is expensive $20,800a 105% increase from the previous week’s minimum price.
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The floor price is the lowest price offered for an NFT from a specific collection on a marketplace like Magic Eden.
Traders can use floor prices to determine the minimum value of an NFT collection. By that measure, NodeMonkes is now worth $208 million.
In comparison, Bored Apes, the most valuable NFT collection by minimum price, is worth $773 million.
Puppets, the other top-performing Bitcoin NFT collection, saw an even bigger spike in price floor over the last week, rising 130%.
Both NFT collections are made possible on Bitcoin by a method called “inscriptions” – a way of embedding images and audio files on the Bitcoin blockchain, placing them in a Satoshi, Bitcoin’s smallest denomination.
Unlike Ethereum, Bitcoin does not have smart contract support.
But with signups, developers can mimic Ethereum’s smart contract functionality on Bitcoin to create applications like NFTs and memecoins.
Although the inscriptions opened a new perspective for Bitcoin’s functionality, the market segment has its detractors. Bitcoin purists cast a jaundiced eye on submissions, often dismissing them as spam clogging the blockchain.
Veteran Bitcoin developer and vocal subscription critic Luke Dashjr even tried to push for filtering mechanisms that target these so-called spam transactions.
Osato Avan-Nomayo is our DeFi correspondent in Nigeria. He covers DeFi and technology. To share tips or story information, contact him via email osato@dlnews.com.