In a remarkable turn of events, the Bitcoin-based NFT collection known as Space Pepes has experienced a significant surge in activity, surpassing renowned NFT brand Bored Ape Yacht Club in trading volume.
According to data from CryptoSlam!, the Space Pepes collection, which comprises thousands of distinct digital collectibles, has surged to become the best-selling NFT collection in the last 24 hours, boasting a trading volume of around USD 7.3 million. This accomplishment surpasses the performance of both the Ethereum-based Bored Apes and Bitcoin Frogs, which have experienced a decrease in momentum over the past few days.
Over the course of the past week, Space Pepes has maintained its position in third place, with nearly all of its USD 7.3 million in trading volume generated within the last 24 hours. Meanwhile, Bitcoin Frogs currently holds the seventh spot, with a trading volume of USD 5.4 million.
The emergence of Bitcoin-based NFTs in the discussion of trading volume for digital assets signifies a potential shift in the industry. Traditionally, leading NFT collections such as Bored Ape Yacht Club, Mutant Apes, Doodles, and Azuki were minted on Ethereum, which has been the dominant blockchain for such tokens. However, the fact that Bitcoin is now competing with Ethereum in the NFT arena through frog-themed memes does not come as a surprise to some experienced crypto enthusiasts.
Steven Zheng, a research analyst at The Block, explains that Bitcoin’s highly secure and liquid blockchain has made it an attractive platform for launching NFTs, fulfilling the longstanding belief that Bitcoin would absorb popular applications from other blockchains.
The Bitcoin NFT market is currently experiencing an upward trajectory, with approximately USD 294 million in sales of digital assets minted on the chain. However, this figure pales in comparison to Ethereum’s all-time sales volume of nearly USD 44 billion, according to CryptoSlam! data. Nonetheless, Bitcoin-based NFTs have seen significant growth in the past month alone, generating USD 156 million in sales and solidifying its position as the second most popular blockchain for digital assets. Ethereum remains at the top of the list with approximately USD 420 million in total sales over the past month.