Daily trading volume of the Bitcoin Frogs NFT collection exceeds $2,2 million
In April, the project’s turnover barely exceeded $50 000
18.05.2023 - 09:45
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What’s new? The collection of non-fungible tokens (NFTs) Bitcoin Frogs on the Bitcoin network ranked first in terms of daily trading volume among projects on all blockchains. According to the CryptoSlam tracker, the figure was $2,23 million on May 18, with more than 600 transactions made with the assets. By comparison, one of the most expensive and popular collections, the Bored Ape Yacht Club (BAYC) from Yuga Labs, is in fourth place with a figure of $1 million.
What else is known? In April, the trading volume of Bitcoin Frogs tokens was only $52 000, but already in May, the total figure since the beginning of the month exceeded 6,6 million. The developer of the blockchain explorer for BRC-20 standard tokens Ord.io under the nickname Leonidas.og said on Twitter that the NFT collection created using the protocol Ordinals on the Bitcoin network became the largest by all blockchains for the first time in history.
An ordinals collection just became the highest volume NFT collection across ALL chains for the first time.Don't sleep on Bitcoin. pic.twitter.com/IckDLPjRVJ— Leonidas.og (@LeonidasNFT) May 17, 2023
The protocol, launched in early 2023, can be used to tie data/digital assets/NFTs to satoshi, the smallest fractional part of BTC (0,00000001 part of the coin). Bitcoin-NFTs are also called inscriptions.
What is known about Bitcoin Frogs? The collection consists of 10 000 generative pixel images of frogs with various rarity attributes. The asset release only charges a transaction fee on the Bitcoin network, and the project is positioned as non-profit and aims to “encourage adoption of Ordinals.”
Number of addresses with balances from 1 BTC for the first time exceeded 1 million
The historical figure was reached on May 13
Earlier, Luke Dashjr, one of Bitcoin Core’s developers, called on the community to ban bitcoin-NFTs because of network congestion. He suggested changes to the blockchain’s spam filter as one countermeasure.
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