Bitcoin Ordinary Sells Well, Exceeds Ethereum And Solana NFT Sales

Bitcoin Ordinary, NFT developed on the Bitcoin network has increased sales. (Photo; Doc. Bitfinex)

JAKARTA - As the world's largest cryptocurrency, Bitcoin not only attracts public attention to be used as an investment and payment instrument, but also as a platform to create and trade unique digital assets called non-fungible tokens (NFT).

NFT is a digital asset that cannot be exchanged for other similar assets, because it has special characteristics that distinguish it. NFT is usually works of art, music, videos, or other digital collections that can be purchased with cryptocurrencies.

NFT Bitcoin, also known as the Inscription Ordinary or Bitcoin Ordinary, is an NFT created on a Bitcoin network, using a satoshi as the smallest unit of BTC fraction. Each satoshi is given a serial number based on its mining sequence, and can then be filled with data such as images, text, or videos via Bitcoin transactions.

Bitcoin's NFT is growing in popularity among collectors and investors, as it offers advantages such as security, scarcity, and irreversibility. Bitcoin's NFT also has high aesthetic and historical value, as it combines typical Bitcoin elements such as block, hash, and time.

According to data from cryptoslam.io, a site that tracks NFT market activity, Bitcoin's NFT sales have reached $425.63 million (IDR 6.63 trillion) over the past seven days until December 20, 2023. This figure is well above Solana, which is in second place with sales of $104 million (IDR 1.61 trillion). Meanwhile, Ethereum, which was previously the leader of the NFT market, slumped to third place with sales of $79.98 million (IDR 1.24 trillion).

The data also shows that the top ten Bitcoin NFT collections saw an increase in sales. The three main marketplaces that offer Bitcoin NFT are Okx, Unsat, and Magic Eden. Okx dominates the market share by 85%, followed by Unisat with 8.3% and Magic Eden with 4.3%, based on data from Dune Analytics.

One of Bitcoin's most popular NFT collections is Bitcoin Frogs, which was the best-selling collection in Magic Eden over the past week. Bitcoin Frogs is a collection of Animal images created by an anonymous artist named Frogey. Bitcoin Frogs has a base price of 0.395 BTC or equivalent to $17,241 (Rp267.23 million). Bitcoin Frogs sales volume in Magic Eden reached 193.26 BTC or $8.43 million (Rp130.64 billion).

Overall, Bitcoin Frogs managed to collect sales of 328.95 BTC or $14.35 million (Rp22.42 billion) on various platforms selling them. Other Bitcoin NFT collections that attracted attention were early sub-100K bitmaps, MNCHRMS, Bitcoin Punks, Ordinary Maxi, Foxis, and Initial sub-10K Ordinarys.

Bitcoin Ordinarys began to catch up with the Ethereum NFT, which has popular collections and is of interest to top figures such as the NFT Cryptopunks collection, the Bored Ape Yacht Club (BAYC), and the Mutant Ape Yacht Club (MAYC). Cryptopunks still leads with a market capitalization of $1.14 billion (Rp17.68 trillion).

While Ordinary Bitcoin Frogs has a market capitalization of $172 million (IDR 2.67 trillion). However, the difference in Bitcoin Frogs is not too far from BAYC, which has a market capitalization of $572 million (IDR 8.87 trillion), and MAYC, which has a market capitalization of $224 million (IDR 3.47 trillion).