Prices and trading volumes for some non-fungible tokens are surging as Bitcoin’s interest in challenging its all-time high injects optimism into other crypto-market sectors.
Yesterday, the trading volume of Bitcoin Ordinals hit over $51 million — levels not seen since December 2023. Transaction count and user metrics also reached similar highs.
The price of Bitcoin’s premiere NFT, NodeMonkes, surged by roughly 25% to 0.875 BTC on Magic Eden with a 24-hour trading volume of nearly 282 BTC. The collection’s sales have increased by more than 56%.
Bitcoin Puppets has seen similar increases, with the collection’s floor price currently greater than a quarter of a bitcoin.
At the same time, NFT marketplace Magic Eden has cemented itself as the leading platform for Ordinals trading, accounting for nearly 77% of the volume.
Bitcoin ordinals are a way to store data, like images and text, directly on the Bitcoin blockchain. This allows for the creation of NFTs on the Bitcoin network, also known as Ordinal NFTs.
Milady Maker and adjacent NFTs see significant price increases
The surge in NFT prices has not been constrained to Bitcoin. Ethereum-based NFT project Milady Maker has seen a 24-hour sales increase of roughly 240%, with transactions increasing by 186%. The increased interest has lifted the collection’s floor price to nearly 5 ether ($17,000) — a seven-day increase of more than 110%.
Milady-adjacent Redacted Remilio Babies’ floor price has also increased to 1.47 ether on Blur — a one-day change of 40% and a seven-day increase of 117%.
Other blue-chip Ethereum NFTs have not performed so well over the past week, however. Pudgy Penguins floor price has declined by nearly 24% over the past seven days, while Azuki has dropped more than 17%.
Overall, NFT sales volume has increased by more than 35% over the past seven days.
Source: The Block
