May 26, 2023
By Sharan Kaur Phillora
The monthly trading volume of nonfungible tokens (NFTs) and memecoins on Bitcoin in May surpassed Solana’s volume, according to data from CryptoSlam. This indicates a growing demand and interest in Bitcoin-themed NFTs within the NFT market.
Here’s what we know:
According to the popular NFT industry data aggregator CryptoSlam, Bitcoin has easily secured the number 10 spot in the ranking for top all-time NFT blockchains by sales volume. Yet, within the past month, something changed, leading to the chain generating enough NFT revenue to rise to the number two spot among breadwinners for the 30-day period.
In fact, on the 30-day chart, Bitcoin has essentially blown its competition out of the water. While Ethereum remains at the top with around $393 million in volume, Bitcoin trails behind with upwards of $169 million, more than double Solana’s third-place ranking with $55 million.
According to a Dune dashboard by BRC-20 token standard creator Domo, BRC-20 token transactions accounted for the majority of ordinals activity on Bitcoin. The total market capitalization of BRC-20 memecoins breached the $1 billion mark during the first half of May as the hype around it picked up. The current market capitalization of BRC-20 tokens is $447 million.
Besides BRC-20 tokens, the market is witnessing a shift from BRC-20 tokens to media-based ordinals, aka Bitcoin NFTs. Magic Eden, a popular Bitcoin NFT marketplace, has started eating into UniSat’s volume, primarily trading in BRC-20 tokens.
Popular collections like Bitcoin Frogs did around one-fourth the volume of top collections on Ethereum, like Bored Ape Yacht Club (BAYC), which did just over $40 million in trading volume between April 23 and May 23.
Of course, it will take some serious trading for Bitcoin to beat Ethereum out for the top spot. But with BRC20 tokens frontrunning, the Ordinals ecosystem calls for a “flippening” might not be all that far off.
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.
