NFT Market Heats Up: Bitcoin Ordinals Leading the Way

Over the past seven days, the non-fungible token market has started to heat up, led by an upsurge of innovation and rising collections in the Bitcoin ecosystem.

According to statistics from CryptoSlam, NFT sales on Bitcoin have risen 153% in the past seven days, leading all blockchains that host non-fungible tokens. The Uncategorized Ordinals category is No. 1, followed by $PUPS, a BRC-20 token, and NodeMonkes, which launched in December 2023.

Other blockchains that have experienced a resurgence in NFT sales are:

  • Solana: 12%
  • Polygon: 55%
  • Mythos: 8%
  • Avalanche: 191%

NFT sales on Ethereum, the former home for NFTs, dropped 3% over the past seven days.

The Bitcoin ecosystem has attracted much of the attention in the past month in part due to the upcoming halving. But there is also innovation occurring on Bitcoin unmatched in other ecosystems. For instance, Casey Rodarmor, who created the Ordinals protocol, is launching a fungible token standard called Rune timed with the halving, which is days away.

Ethereum, however, still holds the top spot of the week for the largest NFT sale: CryptoPunk #2306, a Zombie Punk that is ranked #957 in rarity according to Rarity Sniper. It sold for $1.1 million in ETH just four days ago, proving that some of the top Ethereum collections are still alive and well.

Meet $PUPS, the First Memecoin with Escape Velocity on Bitcoin

Memecoin season continues in full swing, moving from Solana to Base and now to the Bitcoin blockchain. The main gainer in that category is $PUPS, the second-most traded collection on all blockchains. So, what is $PUPS and why does it have so much hype?

$PUPS, according to the collection’s official X account, is the first memecoin on Bitcoin and the first to be airdropped to Bitcoin participants. It has pumped 931% in the past seven days, rising to No. 170 for all tokens based on market cap and No. 3 for BRC-20 tokens, behind only ORDI and SATS.

It has attracted significant interest due to the upcoming launch of the Rune protocol. When Rune debuts, the team behind $PUPS will move to the BRC-20 token there, which may be a selling point as it could be the first memecoin there.

This isn’t the first time Bitcoin has made news for a memecoin frenzy. In early 2023, just months after Rodarmor deployed the Ordinals protocol, countless BRC-20 tokens were launched, with traders buying and selling so many that the blockchain slowed down and fees increased significantly.

Will that happen again? There’s no way to say for certain. But certainly degens will degen, and it appears the hot ball of money that started in Solana has spread to the world’s oldest public blockchain.

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