‘Space Pepes’ Make Waves As Bitcoin’s Most Traded NFT Collection – Cryptopolitan
Space Pepe’s NFTs are taking the crypto world by storm with an unprecedented $7.4 million in transactions on the Bitcoin blockchain. Space Pepes is a multi-chain NFT initiative that will mint 100 unique NFTs on each of ten different blockchains. Unexpectedly, the largest collection of non-fungible tokens (NFT) in terms of weekly volume has turned out to be a Bitcoin-based company.
Space Pepes surpasses Bored Ape Yacht Club
In just seven days, the Space Pepes NFT initiative has generated approximately $7.4 million in transactions, surpassing well-known projects such as Bored Ape Yacht Club. The change is particularly impressive in light of the previous termination of NFTs on Bitcoin including Space Pepes. The introduction of ordinals, a technique for inserting random data such as text, audio and video into the smallest units of Bitcoin, known as Satoshis, has completely changed the environment.
Successful NFTs have historically favored Ethereum as their blockchain of choice, with initiatives on other blockchains receiving far less attention. Still, Ethereum’s hegemony may soon be challenged if Ordinals’ surge continues. Since Bitcoin has been around for a while and has a higher market value, NFTs engraved on the blockchain can take on significant cultural significance.
According to a previous analysis by CryptoSlam, the Bitcoin blockchain recorded the second highest NFT volume last week, at $35.8 million. The emergence of Bitcoin as a dominant player in this space as the NFT environment continues to change heralds a potentially seismic upheaval in the blockchain ecosystem. The rise has been supported by Bitcoin Ordinals, especially Space Pepes.
The latest lure for digital art enthusiasts in the Web3 realm was pixelated images of “Pepe the Frog” cartoons flying through space.
These Space Pepes cost just under $100 each, and data indicates that May 19th saw the highest trading volume. Since then, volumes have slowly declined.
The fact that these weekly numbers exceeded those of the well-known Ethereum-based collection Bored Apes Yacht Club (BAYC) shows a growing pattern of Bitcoin-based artwork surpassing its contemporaries on other networks, such as Solana and Polygon, which were more familiar to collectors .
The combined volume of BAYC and Mutant Ape Yacht Club (MAYC), another compilation from the same artists, was $9 million. Gods Unchained, an ImmutableX-based game, received $4 million in volume, while the controversial Milady Collection traded for $3 million.
As a result, Bitcoin NFTs generated approximately $167 million in trading volume in the last thirty days, significantly less than Ethereum’s close to $397 million. However, according to Cryptoslam, NFT sales on the Bitcoin network are about $57 million behind, almost triple the sales on the Solana network.
A popular online meme, “Boy’s Club” by Matt Furie, included the animated character Pepe the Frog. In the mid-2000s, Matt Furie published comics from his “Boy’s Club” series on MySpace, which helped Pepe the Frog become famous online. After debuting on MySpace, the character quickly became popular and was used as a meme on other social networking sites and online discussion forums.
Pepe Space is a distinct and dynamic social networking site made for fans. At PEACE, the ability of memes to promote camaraderie among individuals. Users can post their favorite Pepe memes to their page, express their creativity and learn more about the ever-changing meme culture in a friendly environment.
Elon Musk launches Milady NFTs floating
As reported by Cryptopolitan, Elon Musk, CEO of Tesla and Twitter, tweeted, “There is no meme I love you,” along with a picture from the well-known Web3 NFT project Milady Maker.
Musk’s support caused the collection’s floor price to immediately increase by roughly 90% to 7.35 ETH. But now that the initial euphoria has died down, the floor price is about 4.4 ETH.
A number of imitation ERC-20 tokens unrelated to the original NFT project also emerged as a result. One such case is the LADYS token, whose price increased by 3.00% in response to Musk’s post.
10,000 generated profile picture NFTs make up the collection known as Milady Maker, whose author Charlotte Fang admitted to posting offensive material under the alias Miya last year. Fang announced her resignation from the squad and apologized to the neighborhood.
Despite the earlier uproar, Milady Maker has become popular, drawing people who see participating in the gathering as a method of opposing the escalating international attack on the crypto industry.
Elon Musk has previously advocated for Web3 projects. He frequently tweeted about Dogecoin in the past and most recently briefly replaced the Twitter logo with the Doge logo. However, these endorsements have not been without consequences as Musk is currently the target of a lawsuit seeking $258 billion in damages from him.