In an unexpected turn of events, a collection of non-fungible tokens (NFTs) called ‘Bitcoin Frogs,’ with a Pepe theme, takes the lead. Over the last 24 hours, it has gained the spot of being the most traded NFT collection. With a trading volume exceeding $2.2 million, it left behind well-known collections, such as Bored Apes.
Pricing and Trading Activity
Each Bitcoin Frogs NFT currently commands a selling price of over 0.12 Bitcoin (BTC), which equates to more than $3,200. This is happening on the platform known as Bitcoin Ordinals. The platform has seen trading fees ranging from a modest $50 to a hefty $1,200, paid by eager buyers and sellers.
The collection is described on Cryptoslam as 10,000 unique frog collectibles minted directly on the Bitcoin blockchain. Highlighting the remarkable trading activity, Bitcoin Frogs recorded a whopping 602 individual transactions. Comparatively, Bored Apes clocked just over 11 transactions, albeit at a higher price point.
The Role of Bitcoin Ordinals Protocol
The Ordinals Protocol, a technology that allows users to inscribe data onto the Bitcoin blockchain, has significantly contributed to this NFT popularity. Following its launch, NFTs that were directly issued on Bitcoin started to gain prominence. This month, the number of such inscriptions crossed the significant 3-million mark.
In conclusion, the rise of the Pepe-inspired Bitcoin Frogs is a testament to the growing influence of NFTs in the digital art space. As the Ordinals Protocol continues to shape the NFT market, it’s worth keeping an eye on which collection will take the next leap. Will Bitcoin Frogs maintain its position, or will another collection leapfrog to the front? Only time will tell.
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