July 24, 2024
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Blockchain News

NFT Sales Skyrocket as Bored Ape Yacht Club Leads the Way: Ethereum and Bitcoin Collections Experience Unprecedented Surge

In the rapidly growing world of non-fungible tokens (NFTs), 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, registering the highest volume with an impressive $18.16 million. As a result, Ethereum collections have experienced a remarkable 242.29% increase in volume over the past week.

BAYC’s success has not gone unnoticed; other collections like Azuki have also gained immense traction. This surge in popularity indicates that these collections have become highly sought after by collectors and investors. It marks a significant improvement from the momentum observed just a few weeks ago. Interestingly, CryptoSlam data reveals a notable shift in trend, with Bitcoin’s collection also witnessing a substantial 242% increase.

Typically, Ethereum-based NFTs dominate the top 10 collections. However, this week has seen a change as BAYC’s sister collection, the Mutant Ape Yacht Club (MAYC), was outperformed by Uncategorized Ordinals—a collection operating on the Bitcoin blockchain.

This shift can be attributed to the rise of Bitcoin Ordinals and BRC-20 tokens. The collection, which utilizes Ordinals’ fiction to encode assets on satoshis, achieved a remarkable sales volume of $12.15 million. Furthermore, the surge in sales was not limited to Uncategorized Ordinals alone. Another Bitcoin-based collection associated with the BRC-20 token standard, $OXBT BRC-20 NFTs, recorded higher sales than many Ethereum NFTs.

As a result of this surge, Bitcoin NFT sales have surpassed platforms like Solana and Polygon. This shift can be attributed to the increasing user base and infrastructure of Bitcoin and Ethereum, which are now regarded as familiar and accessible environments for NFT enthusiasts.

Previously, it was unusual not to find a Solana-based collection in the top 20, such as DGods or y00ts NFT. It was easy to find a blockchain other than Ethereum with high trading volumes. However, some collections have recently switched from Solana to Polygon and Ethereum, which may have influenced this outcome.

CryptoSlam’s data confirms that only one Solana collection reached 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 increased transaction volume. However, the Bitcoin collections, including $OXBT BRC-20 NFTs and Uncategorized Ordinals, have experienced a decrease within the same timeframe.

The NFT market has witnessed a remarkable surge in sales, led by the Bored Ape Yacht Club. Ethereum and Bitcoin collections have both experienced unprecedented growth, signaling a shift in the landscape of popular NFT platforms. As Bitcoin gains traction, Solana and Polygon have seen a decline in prominence. The rise of Bitcoin and Ethereum as user-friendly environments for NFT enthusiasts has significantly influenced this evolving trend.