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.
Bitcoin-Based ‘Space Pepes’ Become Top-Traded NFT Collection
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.