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Bitcoin NFTs surpass $100 million trading volume on Magic Eden in February

Bitcoin NFTs on Magic Eden have experienced a significant surge in activity, setting new records in fees and trading volume amidst growing interest from industry participants and Wall Street investors.

The latest data from a Dune Analytics dashboard provided by pseudonymous contributor Sealaunch reveals that Magic Eden’s Bitcoin NFT market has achieved remarkable milestones this month, with over $100 million in trading volume. This surge in activity has attracted a diverse range of digital collectibles traders to the platform.

Notably, the fees generated from buying and selling Bitcoin NFTs on Magic Eden have reached an all-time high of $2 million, showcasing the robust demand for these unique digital assets. The marketplace has witnessed participation from more than 45,000 buyers and over 91,000 sellers, illustrating the strong community engagement on the platform.

While the current sales figures have not surpassed those seen in December of the previous year, the overall trend in volume, fees, buys, and sales on the Magic Eden Bitcoin NFT market has been steadily increasing since September. This growth coincides with the rise in Bitcoin’s price, with the leading cryptocurrency trading at over $57,000 for the first time since December 2021, representing a significant upsurge of over 125% since September.

Bitcoin NFTs
Bitcoin NFTs data | Source: Dune Analytics, Sealaunch

The concept of Bitcoin NFTs dates back to the introduction of the “Rare Pepes” collection, which is considered the pioneering NFT collection on the Bitcoin blockchain. This innovative approach preceded the NFT boom that later gained momentum on Ethereum in late 2019, following the successful launch of Crypto Punks in prior years.

In 2023, Bitcoin NFTs experienced a resurgence with the introduction of ordinals and inscriptions, a novel method for embedding data into BTC transactions. This development, spearheaded by Casey Rodarmor in January of that year, reignited interest in decentralized finance activities on Bitcoin’s original blockchain.

While the introduction of the BRC-20 framework by pseudonymous developer Domo unlocked a thriving token ecosystem on Bitcoin, core contributors raised concerns about the potential implications of this innovation on the underlying blockchain’s security and stability.

Furthermore, the ongoing evolution of Bitcoin NFTs and the increasing adoption of digital collectibles underscore the growing intersection between blockchain technology, art, and finance. As Bitcoin continues to solidify its position as a leading digital asset, the demand for unique and scarce digital representations of value is expected to grow, further propelling the market for Bitcoin NFTs.


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