The data shows that in the past thirty days, Bitcoin NFTs have grossed about $167 million, which is several figures shy of Ethereum’s near-$397 million. However, NFT sales on Bitcoin are nearly three times larger than on the Solana network, according to Cryptoslam, trailing behind at about $57 million.
Bitcoin’s accelerated rise to prominence in the NFT space is fueled by the Ordinals Protocol, a mechanism for inscribing satoshis, the smallest unit of bitcoin, with data such as a JPEG. While they’ve been met with criticism in the Bitcoin community, NFT giant Yuga Labs released their own Ordinals-based collection in February, fueling hype and capital into their adoption.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.