Bitcoin NFT Blockchain Holds Second Space Defeating Solana

The current sales volume of Bitcoin is around $173 million, while that of Ethereum is $ 391 million. Solana is securing the third position with a $53 million sales volume. Recently Bitcoin Frogs were popular and hit a record high transaction. Bitcoin blockchain has been popularized more because of Bitcoin frogs, a Meme coin NFT token. 

A blockchain is best known for storing the data of transactions. They can not be altered because there is no way to change the blocks. Bitcoin blockchain has exploded into various cryptocurrencies, NFTs, DeFi, and smart contracts.

Bitcoin NFT Becoming Popular

Bitcoins blockchain is decentralized so that there is no authority, and transactions are immutable and viewable to all. Bitcoin NFTs have been here for some time. But it is gaining growth at a faster rate.

Gone are the times when we hear that popular NFTs are linked with Ethereum or Solana. Now, the most popular NFTs are linked with Bitcoin blockchains. NFTs on Bitcoin are unique and secured. The first NFT released on Bitcoin is Rare Pepes.

NFTs can be created on Bitcoin with the Bitcoin Ordinals and other base layers. These layers can have smart contracts and can settle the transactions on the base layer. Bitcoin NFTs are inexpensive, sustainable, and scalable due to layers. They make minting and exchanging affordable and secure.

The famous BRC-20 tokens like ORDI, MEME, and PEPE have no utility attached. They were issued just for experimental purposes. Twitter user DOMO created ORDI to showcase the BRC-20 functionality that is created by ordinals.

The market is now changed to media-based ordinals. Hence shift from BRC-20 to Bitcoin NFTs is seen. In the past week, bitcoin-based NFTs were in the top 3. It was after the Bitcoin Frog Hype.

The Top 3 Bitcoin NFT

The top Bitcoin NFTs are space pepes, bitcoin frogs, and $ ORDI BRC 20 NFTs. The space pepes has sales of approximately $7M, bitcoin frog of approximately $5M, and $ ORDIBRC 20 NFTs of approximately $2M. BITAmigos is the top NFT in the last 24 hours. 

In the first half of May, BRC-20 meme coins reached the $1 billion mark. The current market capitalization of BRC-20 tokens is $447 million.

Currently, the market capitalization of over BRC-20 tokens stands at $447 million. 

Comparatively, the Bitcoin ecosystem appears a lot behind Ethereum. Bitcoin supports decentralized autonomous organizations. 

It has the advantage of using integration with the $27.5 billion-strong decentralized finance ecosystem. BAYC and Azuki are much more advanced. They have metaverse projects which provide exclusive add-on to NFT holders. 

CryptoPunks enjoy popularity due to their rarity. It is still on test to see how popular Bitcoin NFTs will remain. They still need to build their strong community. The market of bitcoin NFTs has been going up since January. Galaxy estimates this could be worth $4.5 billion by 2025.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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