Bitcoin NFTs Take Off: NodeMonkes Fetch $1 Million in Record Sale

Just as Bitcoin itself rallies towards its all-time high, the market for Bitcoin Ordinals, the network’s answer to NFTs, is exploding. The NodeMonkes collection is leading the charge, with record-breaking sales culminating in a historic $1 million NFT.

Data from CryptoSlam reveals that NodeMonkes has dethroned all other individual Ordinals and NFT projects over the past week. The collection has racked up a staggering $45 million in secondary market sales during this period. While the Ethereum NFT giant CryptoPunks stole the show for the past 24 hours with a single $16 million sale, NodeMonkes remains a force to be reckoned with. They’ve secured an impressive $11.7 million in sales within the last day, led by the aforementioned seven-figure trade.

The “Alien Hoodie” NodeMonke (#2769) fetched a whopping 17 $Bitcoin on Magic Eden earlier this week. This translates to $1.08 million at the time of sale, making it not only the most expensive NodeMonke ever sold but potentially the second-highest Ordinals sale on record. Last week, the record belonged to the second inscription ever made on Bitcoin, which sold for $1.4 million.

The recent price surge of Bitcoin appears to be fueling a parallel surge in demand for Ordinals. NodeMonkes prices are reflecting the upward trend, with their value soaring in recent weeks. Just two weeks ago, on February 19th, a NodeMonke was available for a mere 0.18 BTC (roughly $9,300).

The cheapest NodeMonke on Magic Eden has a price tag of 0.82 BTC, translating to nearly $54,400. This puts NodeMonkes in the same ballpark as established Ethereum NFT collections like Bored Ape Yacht Club (BAYC) ~ $67,000  and Pudgy Penguins ~ $57,100.

Interestingly, as Bitcoin surged past $67,000 on Monday, inching closer to its all-time high, CryptoSlam data for the past week reveals near parity in total sales volume between Ethereum NFTs and Bitcoin Ordinals, with each category clocking in at roughly $177 million. It’s important to note, however, that CryptoSlam’s Ordinals data includes sales of Bitcoin’s BRC-20 tokens, fungible tokens similar to those found on Ethereum. This creates a slight discrepancy in the comparison.

The Ordinals market is still young, but the recent surge in activity paints a convincing picture. With Bitcoin’s price on the rise and record-breaking sales for Ordinals like NodeMonkes, it’s clear that the NFT revolution has arrived on the Bitcoin blockchain, and it’s here to stay. This newfound avenue for NFT ownership on the Bitcoin network presents exciting possibilities for the future of digital collectibles and the evolution of the NFT landscape as a whole.