Bitcoin NFTs Are Now 2nd Most Traded NFTs – Here's A 5-Step Guide On How To Buy These NFTs

Bitcoin NFTs Are Now 2nd Most Traded NFTs – Here’s A 5-Step Guide On How To Buy These NFTs

Updated: 24 May 2023

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Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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The non-fungible token market data analysis shows that the monthly trading sales volume of meme coins and non-fungible tokens hosted on the flagship blockchain network “Bitcoin” has exponentially pumped higher in the past several weeks.

Bitcoin NFTs Become 2nd Most Traded NFTs

According to CryptoSlam, an on-chain market data aggregator, the monthly trading volume of non-fungible tokens and meme coins hosted on Bitcoin increased in May, surpassing NFT trading sales volume in Solana.

In the past 30 days, Bitcoin’s Ordinal trading volume has amassed more than $170 million, outperforming Solana, which attracted only $55 million over the same period. Bitcoin NFTs stand in second place behind the dominant chain Ethereum, which has recorded $391 million.

During this period, the trading sales volume of Bitcoin-based NFTs has surged more than 400%. Ethereum and Solana-based non-fungible token has dropped by 27% and 40% over the same period. Mythos chain NFTs have pumped 15%, amassing $15 million.

Bitcoin NFTs came into the spotlight earlier this year after Bitcoin developer Casey Rodarmor inscribed NFTs using Satoshi’s Ordinal theory. Unlike Solana and Ethereum, Ordinals calls its NFTs “digital artifacts,” with others in the Bitcoin space calling the digital asset simply “inscriptions.”

Since then, Bitcoin NFTs have attracted mainstream adoption among the crypto community, with more than 1 million now inscribed. Bitcoin Frogs has been the top NFT collection competing with Ethereum NFTs like Bored Ape Yacht Club and Mutant Ape Yacht Club NFTs.The NFT collection has raised over $40 million in trading volume between April 23 and May 24.

Bitcoin NFT Ecosystem Continues To Evolve

The Bitcoin NFT ecosystem is rapidly evolving and follows Ethereum footprints, which have already reached several milestones. Ethereum has made it possible to set the standard for fungible tokens on its network. Ethereum Request Comment “ERC-20” allows developers to create smart contracts-enabled tokens.

The BRC-20 token is an experimental fungible token standard built using the Bitcoin network. It has harbored hype for meme coin, speculative crypto whose price action is fueled by certain enthusiastic communities. ORDI, PEPE, and MEME are perfect examples of BRC-20.

In recent weeks, BRC-20 has gained mainstream adoption, surpassing the $1 billion mark as of the first half of May. The BRC-20 has a current market cap of $450 million. Many investors are bullish about Bitcoin NFTs and believe they might outperform Ethereum NFTs in the future.

How To Buy Bitcoin NFTs – Five-Step Guide

First, as an NFT investor, you require a crypto wallet and load it with some Bitcoin. Magic Eden and MetaMask are some of the marketplaces offering Bitcoin inscriptions. As with Ethereum NFTs, floor prices and volume are good indicators of which Ordinals collections are currently in demand.

How to buy your first Bitcoin Ordinal:

Here is an simple 5-step guide without unnecessary details 🧵👇

(1/11) pic.twitter.com/jRLkCWTz2w

— wale.moca 🐳 (@waleswoosh) May 22, 2023

The purchase process for Bitcoin NFTs is similar to that of Ethereum NFTs. Lastly, pick an Ordinal within your preferred NFT collection, and click “buy now.” It’s worth noting that transactions on Bitcoin NFTs may take longer than in Ethereum NFTs. Thus, NFTs might take some time before appearing in your wallet.

Explore The Best Bitcoin NFTs With Launchpad

Launchpad is a new analytic platform helping users to discover the most successful non-fungible token like Bored Ape Yacht Club, Mutant Ape Yacht Club, or CryptoPunk. The platform offers its users comprehensive analysis and insights before choosing an NFT portfolio.

For instance, users may use the platform to locate every listed NFT asset on any marketplace, find underappreciated and developing NFTs, construct an NFT gallery, obtain unique bargains on NFT purchases, and stake NFTs. The platform is still in its early stage and has raised over $500,000 from its LPX token presale.