NFTs
CryptoPunks Dominate NFT Sales While Bitcoin Runes Slow
In the non-fungible tokens (NFTs) market, Ethereum (ETH)-based NFT collectibles CryptoPunks and Pudgy Penguins have emerged as sales leaders over the past 24 hours.
The recent performance of CryptoPunks and Pudgy Penguins significantly outperforms Bitcoin Ordinals. These NFTs on the Bitcoin blockchain appear to be losing steam.
Ethereum’s advantage over Bitcoin in the NFT market
CryptoSlam Data highlights CryptoPunks sales at $1.25 million. This number represents a notable increase of 811.95% in the last 24 hours.
O sale of CryptoPunks #741 largely drove this increase. The latest data shows that CryptoPunks #741 is valued at $792,046.
The Pudgy Penguins also saw a substantial increase. Its sales reached US$476,857, marking a gain of 356.46% over the same period. Interestingly, the Pudgy Penguins’ achievements extend beyond the digital space.
See more information: What are CryptoPunks? The complete guide
NFT collection rankings by sales volume. Source: CryptoSlam
Recently, Luca Netz, CEO of Pudgy Penguins, announced that more than 1 million Pudgy Toys, the plush version of Pudgy Penguins, have been sold in the last 12 months. This milestone comes as the NFT project continues to expand across the world.
“Who would have thought that the consumer crypto revolution would be led by fat, flightless birds,” Luca Netz he wrote on your X (Twitter).
Pudgy Penguins’ retail strategy shows a successful crossover from the digital to the physical market. From them to throw in US stores like Target is part of this strategy. It also intends to substantially increase its consumer base.
Target’s toys come from the Penguins Community Collection. Licensing these toys leverages its NFT platform, OverpassIP.
Each toy includes “a birth certificate” with a QR code. This code connects to Pudgy World, thus improving buyer interaction.
On the other hand, Bitcoin Ordinals are seeing a decline in interest. While the Ethereum blockchain saw a 46.71% increase in NFT sales, reaching $5.95 million, Bitcoin Ordinals saw sales drop 20% to $5.07 million.
This evolution is particularly noteworthy considering that in the previous month, Bitcoin NFTs outperformed EthereumNFTs. A report from DappRadar shows that Runestone, one of the largest Bitcoin Ordinals entries, gained significant popularity during the month.
Runestone became the NFT collection with the highest trading volume in April. This also surpassed Bored Ape Yacht Club (BAYC)a popular Ethereum-based NFT collectible for the first time.
Behind the success are Rune Engines Leveraging Bitcoin’s Existing UTXO model to minimize data added to the blockchain. Such a mechanism allows Runes to potentially reduce transaction fees compared to Ordinals.
See more information: Top 5 BRC-20 Platforms for Trading Ordinals in 2024
However, the The rune hype has cooled down right after the Bitcoin halved occurred. Dune Analytics data shows a significant drop in Runes transactions. They fell nearly 4,590%, from 753,814 on April 24th to 16,066 on May 13th.
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