Bitcoin NFTs have experienced a surge in popularity on Magic Eden, with record-breaking fees and trading volume in the past month. According to data from Dune Analytics provided by Sealaunch, the Bitcoin NFT market on Magic Eden reached over $100 million in trading volume, setting a new high for the platform. Additionally, $2 million in fees were paid for buying and selling Bitcoin NFTs on Magic Eden, marking another record.
Despite the impressive numbers, sales on the marketplace did not surpass the figures seen in December of the previous year. However, there has been a noticeable uptrend in volume, fees, buys, and sales since September, when Bitcoin was trading at around $25,000. Since then, Bitcoin has soared over 125%, reaching above $57,000 for the first time since December 2021.
The concept of Bitcoin NFTs dates back to the creation of the “Rare Pepes” collection, considered the first NFT collection on Bitcoin, before the term “non-fungible token” became widely known. The resurgence of Bitcoin NFTs in 2023 came with the introduction of ordinals and inscriptions, a method for adding data to BTC transactions, pioneered by Casey Rodarmor. This innovation led to a revitalization of decentralized finance activity on Bitcoin’s original blockchain.
While the development of the BRC-20 framework by pseudonymous developer Domo unlocked a multi-billion dollar token ecosystem on Bitcoin, core contributors expressed concerns about the potential threat it posed to the chain. Despite these challenges, the Bitcoin NFT market on Magic Eden continues to attract interest and activity, with traders and industry participants closely monitoring its performance.