Bitcoin NFTs Gain Traction Amid Sluggish Market Trends
While the wider NFT market experiences a downturn, there's a notable uptick in demand for Bitcoin-based NFTs, particularly Bitcoin NodeMonkes.
These NFTs have garnered significant attention, surpassing established players like Bored Ape Yacht Club (BAYC).
Yesterday, the base price of Bitcoin NFT NodeMonkes surged by over 50%, reaching 0.82 BTC, equivalent to a market cap of $554 million. This surge propelled NodeMonkes to the second-largest NFT project position, following CryptoPunks. CoinGecko data shows CryptoPunks at a market cap of $1.76 billion and BAYC at $490.9 million.
Meanwhile, NodeMonkes recorded a 140.8% surge on Monday, totaling $5.1 million. Similarly, another Bitcoin NFT, Runestone, surged over 50% in the past week, surpassing Mutant Ape Yacht Club (MAYC) to rank sixth among the largest NFT projects, with a market cap of $310 million.
This shift in focus towards Bitcoin NFTs reflects changing trends in the cryptocurrency space, akin to the pivot from Ethereum (ETH) to Solana (SOL) meme coins.
READ MORE: Vanguard CEO: Bitcoin Must Evolve for Consideration as Investment Option
The increasing interest in Bitcoin NFT platforms like Runestone and NodeMonkes comes amid concerns over Ethereum’s high gas fees and perceived saturation in the NFT market, evident in the declining prices of prominent projects like PudgyPenguins.
Recent data shows a decline in monthly trading volume on Ethereum-based NFT marketplaces, dropping from $867.8 million in January to $786.5 million in February, and further down to $503.1 million in March so far.
Amidst these market shifts, the surge in Bitcoin NFT interest underscores the evolving strategies and preferences of NFT traders.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
