Bitcoin NFTs on Magic Eden have experienced a surge in trading volume and fees, marking their best month yet. The market for Bitcoin NFTs on Magic Eden reached over $100 million in trading volume this month, with $2 million in fees paid for buying and selling digital collectibles. These figures were provided by a Dune Analytics dashboard from pseudonymous contributor Sealaunch.

The marketplace on Magic Eden attracted more than 45,000 buyers and over 91,000 sellers, setting a new record for fees paid on the platform. While sales did not surpass the numbers from December last year, the market has shown a consistent uptrend in volume, fees, buys, and sales since September.

Bitcoin NFTs have gained traction since September when Bitcoin was trading around $25,000 according to TradingView. With BTC now trading above $57,000, up over 125% since then, the interest in Bitcoin NFTs has continued to grow.

“Rare Pepes” is considered the first NFT collection on Bitcoin, predating the NFT hype that later gathered on Ethereum. Bitcoin NFTs made a comeback in 2023 with the introduction of ordinals and inscriptions, paving the way for renewed decentralized finance activity on the blockchain.

The introduction of ordinals and inscriptions in Bitcoin transactions led to the creation of the BRC-20 framework by pseudonymous developer Domo, unlocking a multi-billion dollar token ecosystem on Bitcoin. However, core contributors raised concerns about the idea, labeling it as a bug that could potentially threaten the blockchain.

For more updates on Bitcoin NFTs and the latest news in the cryptocurrency space, make sure to explore Global Crypto News.

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