In the fast-paced world of non-fungible tokens (NFT), one name stands out as the driving force behind a significant surge in asset sales. The Bored Ape Yacht Club (BAYC) has taken the lead, recording the highest volume with an impressive $18.16 million. As a result, the Ethereum collection saw a tremendous increase in volume of 242.29% over the past week.
BAYC’s success has not gone unnoticed; other collections such as Azuki also gained immense traction. This surge in popularity means that the collection has become highly sought after by collectors and investors alike. This marks a significant increase from the momentum observed just a few weeks ago. Interestingly, the CryptoSlam data reveals a notable trend change, with Bitcoin collections also witnessing a substantial increase of 242%.
Usually, Ethereum-based NFTs dominate the top 10 collections. However, this week has seen a change as BAYC’s sister collection, Mutant Ape Yacht Club (MAYC), was eclipsed by Uncategorized Ordinals—a collection operating on the Bitcoin blockchain.
This shift can be attributed to the emergence of Bitcoin Ordinals and BRC-20 tokens. The collection, which uses Ordinals fiction to encode assets in satoshis, achieved an extraordinary sales volume of $12.15 million. In addition, the spike in sales is not limited to Uncategorized Ordinals. Another Bitcoin-based collection related to the BRC-20 token standard, the $OXBT BRC-20 NFT, recorded higher sales than many Ethereum NFTs.
As a result of this spike, Bitcoin NFT sales have surpassed platforms like Solana and Polygon. This shift can be attributed to the growing user base and infrastructure of Bitcoin and Ethereum, which are now considered familiar and accessible environments for NFT enthusiasts.
Previously, it was unusual not to find Solana-based collectibles in the top 20, such as DGods or y00ts NFTs. It is easy to find blockchains other than Ethereum with high trading volumes. However, some collections have recently switched from Solana to Polygon and Ethereum, which may have influenced these results.
CryptoSlam data confirms that only one Solana collection made it to the top 50, while several Polygon-based collections appeared before those on the Proof-of-History (PoH) blockchain.
At the time of writing, BAYC continues to maintain its increasing transaction volume. However, Bitcoin collections, including the $OXBT BRC-20 NFT and Uncategorized Ordinals, have seen their declines over the same timeframe.
The NFT market has seen a tremendous surge in sales, led by the Bored Ape Yacht Club. Ethereum and Bitcoin collections have both experienced unprecedented growth, signaling a shift in the popular NFT platform landscape. While Bitcoin is gaining traction, Solana and Polygon have seen a decline in popularity. The emergence of Bitcoin and Ethereum as a user-friendly environment for NFT enthusiasts has significantly influenced this growing trend.