Bitcoin NFT Blockchain has second place defeating Solana
The current sales volume of Bitcoin is around $173 million, while that of Ethereum is $391 million. Solana secures the third position with a sales volume of 53 million dollars. Recently, Bitcoin Frogs were popular and achieved a record high transaction. Bitcoin blockchain has become popular more because of Bitcoin frogs, a Meme coin NFT token.
A blockchain is best known for storing data from transactions. They cannot be changed because it is not possible to change the blocks. The Bitcoin blockchain has exploded into various cryptocurrencies, NFTs, DeFi and smart contracts.
Bitcoin NFT is becoming popular
Bitcoin’s blockchain is decentralized so there is no authority and transactions are immutable and visible to everyone. Bitcoin NFTs have been here for a while. But it grows faster.
Gone are the days when we hear that popular NFTs are linked to Ethereum or Solana. Now, the most popular NFTs are linked to Bitcoin blockchains. NFTs on Bitcoin are unique and secure. The first NFT released on Bitcoin is Rare Pepes.
NFTs can be created on Bitcoin with Bitcoin Ordinals and other base layers. These layers can have smart contracts and can settle the transactions at the base layer. Bitcoin NFTs are affordable, sustainable and scalable due to layers. They make embossing and exchange affordable and secure.
The famous BRC-20 tokens like ORDI, MEME and PEPE have no tools attached. They were issued for experimental purposes only. Twitter user DOMO created ORDI to showcase the BRC-20 functionality created by ordinals.
The market has now changed to media-based word of mouth. Therefore, shift from BRC-20 to Bitcoin NFTs is seen. In the last week, bitcoin based NFTs were in the top 3. It was after the Bitcoin Frog Hype.
Top 3 Bitcoin NFTs
The best Bitcoin NFTs are rumpeps, bitcoin frogs and $ORDI BRC 20 NFTs. Rom-pepes trades about $7 million, bitcoin frog about $5 million and $ORDIBRC 20 NFTs about $2 million. BITAmigos is the best NFT in the last 24 hours.
In the first half of May, BRC-20 meme coins reached $1 billion. The current market cap of BRC-20 tokens is $447 million.
Currently, the market capitalization of over BRC-20 tokens is at $447 million.
In comparison, the Bitcoin ecosystem seems far behind Ethereum. Bitcoin supports decentralized autonomous organizations.
It has the advantage of using integration with the $27.5 billion decentralized financial ecosystem. BAYC and Azuki are much more advanced. They have metaverse projects that provide exclusive addition to NFT holders.
CryptoPunks enjoy popularity due to their rarity. It is still being tested to see how popular Bitcoin NFTs will remain. They still need to build their strong community. The market for bitcoin NFTs has been rising since January. Galaxy estimates this could be worth $4.5 billion by 2025.