- NFT collectors have spent more on Bitcoin NFTs than collectibles on the Ethereum blockchain
- NFT trading volume on Bitcoin has exceeded that of Ethereum by close to $10 million in the last week
- Some have attributed the difference to the hype around the NodeMonkes Bitcoin NFT collection
In the last week, NFT collectors have spent more on Bitcoin-based collectibles compared to Ethereum NFTs. According to CryptoSlam, the difference in trading volume is close to $10 million with Bitcoin NFTs’ sales volume reaching $172 million while that of Ethereum-powered collectibles stands at $164 million. Although the price of Bitcoin has had a significant price rise over the past week, the increase in trading volume has been linked to an interest in the NodeMonkes Bitcoin NFT collection, an indication that the Bitcoin NFTs are eating into Ethereum NFTs’ market share.
Bitcoin NFT Sales Rise by 77%
According to NFT aggregator CryptoSlam, NFT sales on Bitcoin rose by 77% while those on Ethereum increased by 23% in the last seven days. The NFT tracking platform however noted that there were more wash NFT trades on Bitcoin than on Ethereum.
I rarely buy NFTs anymore, but let me explain the @nodemonkes thesis.
For a meaningful provenance play to exist, multiple factors must align, and @nodemonkes by sheer luck/skill has it.
1. Never thought another meaningful provenance play could appear after @cryptopunksnfts.… pic.twitter.com/MbvmxmnnOi
— Kevin Wu (@kevwuzy) February 22, 2024
In the seven days, the NodeMonkes Bitcoin NFT collection recorded close to $43 million in sales with another collection on the same chain marked “Uncategorized” raking in $44.2 million. The top two collections on Ethereum, Pandora and Creepz by Overlord, registered sales volumes of $19.6 million and $9.9 million respectively. Some even think it’s on its way to flipping Yuga Labs’ BAYC collection.
yes
— NFTstats.eth (@punk9059) March 3, 2024
Apart from topping in sales volume, Bitcoin also exceeded Ethereum in the number of NFT buyers and sellers.
Ethereum Bitcoin Bitcoin in Number of Buyers
The top two collections on Bitcoin, for example, had over 18,000 buyers and sellers while those on Ethereum were roughly 500. However, Ethereum beat Bitcoin on the number of NFT buyers across the blockchain, recording 107,766 buyers against Bitcoin’s 55,402.
The other top three blockchains by NFT sales volume in the last seven days were Solana, BNB Chain and Mythos with 7-day volumes of $64.5, $9.1 and $7.7 million, respectively.
With Bitcoin leading in wash NFT trades, it’s to be seen if it’ll maintain the lead once the wash trades reduce.
