Bitcoin NFTs cross $100m trading volume on Magic Eden in February

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Bitcoin NFTs on Magic Eden have seen their finest month but for charges and buying and selling quantity amid sustained curiosity within the main cryptocurrency from business contributors and Wall Avenue.

Magic Eden’s Bitcoin NFT market peaked this month with over $100 million in buying and selling quantity transacted by digital collectibles merchants, per a Dune Analytics dashboard supplied by pseudonymous contributor Sealaunch. 

The $2 million in charges paid for purchasing and promoting Bitcoin NFTs on Magic Eden additionally set a report excessive on the platform. There have been greater than 45,000 patrons on {the marketplace} and over 91,000 sellers, however gross sales didn’t exceed figures set in December final yr. 

The Magic Eden Bitcoin NFT market noticed an uptrend in quantity, charges, buys, and gross sales since September final yr, when Bitcoin (BTC) exchanged arms for round $25,000 in accordance with TradingView. BTC is up over 125% since then, buying and selling above $57,000 for the primary time since December 2021. 

Bitcoin NFTs
Bitcoin NFTs information | Supply: Dune Analytics, Sealaunch

A group dubbed “Uncommon Pepes” is taken into account the primary NFT assortment on Bitcoin, though the time period “non-fungible token” didn’t exist then. The hassle predates the NFT hype that may later collect on crypto’s second-largest chain, Ethereum, in late 2019, following the profitable Crypto Punks launch two years prior. 

Bitcoin NFTs made a comeback in 2023 with the introduction of ordinals and inscriptions, a technique for including information to BTC transactions. The approach was created by Casey Rodarmor in January final yr and paved the way in which for renewed decentralized finance exercise on crypto’s genesis blockchain.

Whereas the usual impressed pseudonymous developer Domo to create the BRC-20 framework, unlocking a multi-billion greenback token ecosystem on Bitcoin, core contributors pushed back on the thought and tagged it a bug with the potential to threaten BTC’s chain.

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