The recently minted Bitcoin Frogs NFT collection is shocking the digital art market. Launched just months ago, these “cryptographic amphibians” claimed the top spot as the most-traded collectibles, continuing to override renowned OG NFTs like the ever-so-famous Bored Apes.
Showcasing an ongoing frog trend, Space Pepes has just taken over the pole position, but fear not — the future of Bitcoin Frogs remains bright. Representing 10,000 frog-inspired digital collectibles and launching on the Bitcoin Ordinals platform in late February, Bitcoin Frogs have a total sales volume of $7,530,033.19 (278.2482 BTC) in May alone.
Currently, the average sale price for a Bitcoin Frogs NFT hovers around the $3k mark (0.12 BTC). However, the highest sale in the past 24 hours (just moments ago) was a whopping $38,5k Although these prices may seem daunting, the driving trading volume suggests otherwise. Trading volumes reveal the ongoing appeal for such NFTs, bringing in 2,815 individual owners since debuting. Market participants, including novice and seasoned NFT traders, show extra dedication by forking out $50 to an eye-watering $1,2k on transaction fees.
Bitcoin Frog #2276 sold for 0.2 BTC ($5388.72) on Magic Eden https://t.co/8mS2EDaGDb pic.twitter.com/QlQ1OeFZdg
— Bitcoin Frogs Sales Bot (@BTCFrogsBot) May 19, 2023
Ordinals Propels Bitcoin Frogs NFTs to Greater Heights
The notable rise in popularity of Bitcoin Frog collectibles ties to the pioneering Ordinals Protocol. This innovative platform unlocks a new realm in the NFT world, facilitating the issuance and creation of unique tokens directly on the Bitcoin blockchain.
Ordinal’s most identifiable features allow users to ‘inscribe’ digital art pieces onto the blockchain network through Bitcoin transactions, representing a shift in how art and blockchain technology is implemented. The monumental acceptance of this revolutionary process is transparent, showcasing 3 million inscriptions per month, surpassing 1 million inscriptions in less than three months of launching. Bitcoin Frogs has risen in fame due to capitalizing on the ongoing trend. This new approach streamlines the trading and creation process of NFTs, attracting an engaged and diverse audience.
The synergy between Ordinals and Bitcoin Frogs NFTs showcases the potential for the evolution of the NFT realm. The protocol’s approach can be a game-changer for artists, investors, and projects on-chain. Bitcoin Frogs’ success is a testament to the impact of pioneering technologies, art, and the Ordinals Protocol.
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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.
Self-proclaimed digital art fanatic who brings a unique perspective to NFT news.