Bitcoin Frogs, a collection of 10,000 NFT frogs directly minted on the Bitcoin blockchain, has surpassed the popular Bored Apes Yacht Club in daily trading volume, signaling the rise of the Ordinals market.
In a single day, Bitcoin Frogs generated over $2 million in trading volume from nearly 700 transactions, while Bored Ape Yacht Club, the largest NFT collection globally, had a modest trading volume of $1.3 million, according to CryptoSlam data.
During the month of May alone, Bitcoin Frogs NFTs achieved an impressive trading volume of $5.9 million, a significant jump from the previous month’s $52,000.
@LeonidasNFT, an account with over 70,000 followers, celebrated this achievement on Twitter, stating, “An ordinals collection just became the highest volume NFT collection across ALL chains for the first time. Don’t sleep on Bitcoin.”
An ordinals collection just became the highest volume NFT collection across ALL chains for the first time.
Don’t sleep on Bitcoin. pic.twitter.com/IckDLPjRVJ
— Leonidas.og (@LeonidasNFT) May 17, 2023
Bitcoin Frogs’ success can be attributed to its “free-to-mint” approach, encouraging the adoption of Ordinals. The collection consists of 10,000 unique frog NFTs.
While the meme coin craze is gradually cooling down, the cryptocurrency market is witnessing the emergence of the rising star, BRC-20. Despite ongoing debates regarding Bitcoin’s practicality and real-world applications, BRC-20 has achieved a market capitalization milestone of $1 billion and has caused network congestion on multiple occasions. Recently, several major players, including Binance, Gate.io, Crypto.com, and OKX, have announced their support for Ordinals/BRC-20, demonstrating their determination to embrace this trend.
However, there are skeptics who believe that this is just a passing fad and will soon disappear from the market. Despite the divided opinions, the growing popularity of Bitcoin Frogs and the Ordinals market highlights the increasing interest and potential for blockchain-based NFT collections. As the industry evolves, it will be interesting to observe the trajectory of Bitcoin Frogs and the broader NFT ecosystem.
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