BAYC Leads NFT Sales; Ordinally, BRC-20 supersedes Solana
- Bitcoin’s journey into the NFT market has made it a strong contender for Ethereum’s position.
- The migration of some Solana NFTs to Polygon has negatively impacted volume.
Sales of various assets in the NFT world increased significantly as the usual suspects, Bored Ape Yacht Club [BAYC], recorded the most volume. With $18.16 million, BAYC made sure of that Ethereum [ETH] the collection’s volume increased by 242.29% in the last seven days.
The increase means that BAYC, along with other collections such as Azuki, gained tremendous traction. This suggested that they have become highly sought after by collectors and investors alike.
Switched to a positive outlook
This was an improvement from momentum a few weeks back. However, there was a noticeable change in trend based on the data provided by CryptoSlam. Like Ethereum NFTs, Bitcoins [BTC] fundraising also saw a 242% increase.
Typically, Ethereum-based NFTs make up a large percentage of the top 10 collections, most of the time. However, this was not the case during the week, as BAYC’s sister gathering, Mutant Ape Yacht Club [MAYC], lost to Uncategorized Ordinals — a collection that operates on Bitcoin blockchain.
This shift may be linked to the rise of Bitcoin Ordinals and BRC-20 tokens. The collection, which used Ordinals’ fiction to write assets on satoshis, had one sales volume of 12.15 million dollars.
In addition, movement towards the sky was only limited to Uncategorized Ordinals. But another Bitcoin-based collection linked to BRC-20 token standard $OXBT BRC-20 NFTs also recorded higher sales than many Ethereum NFTs.
Due to the rise, overall Bitcoin NFT sales displaced platforms such as Solana [SOL] and Polygon [MATIC] off the charts.
This shift can be attributed to the growing user base and infrastructure of Bitcoin and Ethereum, which participants now consider a familiar and accessible environment for NFT enthusiasts.
Solana NFTs: Now ranked below Bitcoin
In the past, it was unusual not to find a Solana-based collection like DGods or y00ts NFT in the top 20. It was also not difficult to find the blockchain second only to Ethereum in terms of volume.
But a transition from Solana to Polygon and Ethereum of some collections may have affected this result.
Realistic or not, here it is ETH’s market value in BTC’s terms
In addition, CryptoSlam’s data showed that only one Solana collection was present in the top 50. In fact, a few collections under the Polygon chain appeared before those in love with the Proof-of-History (PoH) blockchain.
At the time of writing, BAYC has maintained its increase in transactions. However, Bitcoin collections, including the aforementioned $OXBT BRC-20 NFTs and Uncategorized Ordinals, declined within the same time frame.