In an unexpected turn of events, a Bitcoin-based project has emerged as the top non-fungible token (NFT) collection in terms of weekly volume. Surpassing renowned projects like the Bored Ape Yacht Club, the Space Pepes NFT project has garnered trades worth nearly $7.4 million within just seven days. The development is particularly remarkable considering that NFTs on Bitcoin were once deemed implausible. However, the advent of Ordinals, a method of embedding arbitrary data such as text, audio, and video into the smallest units of Bitcoin known as Satoshis, has revolutionized the landscape.
Traditionally, Ethereum has been the go-to blockchain for successful NFTs, with projects on other blockchains relatively less prominent. Nevertheless, Ethereum’s dominance may soon face competition if Ordinals’ momentum persists. Given Bitcoin’s age and higher market value, NFTs inscribed on its blockchain could potentially gain substantial cultural significance.
CryptoSlam previously reported that the Bitcoin blockchain has claimed the second-highest NFT volume in the past week, reaching $35.8 million. As the NFT landscape continues to evolve, the newfound prominence of Bitcoin in this realm indicates a potentially transformative shift in the blockchain ecosystem.