Ethereum Watch

• Bitcoin’s voyage into the NFT market has made it a strong contender for Ethereum’s position.
• The migration of some Solana NFTs to Polygon has negatively affected its volume.

Sales of various assets in the NFT world significantly surged as the usual suspect, Bored Ape Yacht Club [BAYC], registered the most volume. With $18.16 million, BAYC ensured that Ethereum [ETH] collections’ volume rose by 242.29% in the last seven days.

The increase means that BAYC, alongside other collections like Azuki, gained immense traction. This implied that they have become highly sought after by collectors and investors alike. 

Switched to a positive outlook

This was an improvement from the momentum a few weeks back. However, there was a notable change in trend based on the data provided by CryptoSlam. Like Ethereum NFTs, Bitcoin’s [BTC] collection also produced a 242% increase.

Usually, Ethereum-based NFTs constitute a large percentage of the top 10 collections, most of the time. However, this was not the case over the week, as BAYC’s sister collection, Mutant Ape Yacht Club [MAYC], lost to Uncategorized Ordinals — a collection operating on the Bitcoin blockchain.

This shift could be linked to the rise of Bitcoin Ordinals and BRC-20 tokens. The collection, which employed Ordinals’ fiction to inscribe assets on satoshis, had a sales volume of $12.15 million.

Additionally, the skyward movement was only limited to Uncategorized Ordinals. But another Bitcoin-based collection linked to the BRC-20 token standard $OXBT BRC-20 NFTs also recorded higher sales than many Ethereum NFTs.

Due to the hike, the overall Bitcoin NFT sales displaced platforms like Solana [SOL] and Polygon [MATIC] off the charts.

This shift can be attributed to the rising user base and infrastructure of Bitcoin and Ethereum, which participants now consider a familiar and accessible environment for NFT enthusiasts. 

Solana NFTs: Now ranked below Bitcoin

In times past, it was unusual not to find a Solana-based collection like DGods or y00ts NFT in the top 20. Nor was it difficult to find the blockchain second to Ethereum in terms of volume. 

But a switch from Solana to Polygon and Ethereum by some collections might have impacted this outcome.

Realistic or not, here’s ETH’s market cap in BTC’s terms

In addition, CryptoSlam’s data showed that only one Solana collection was present in the top 50. In fact, a few collections under the Polygon chain appeared before those with a love for the Proof-of-History (PoH) blockchain.

At the time of writing, BAYC has maintained its increase in transactions. However, the Bitcoin collections, including the aforementioned $OXBT BRC-20 NFTs and Uncategorized Ordinals, decreased within the same timeframe. 

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