Amid Bitcoin Ordinals Hype, Bitcoin Frogs Become Most Traded NFT
Pepe-themed Bitcoin frogs have become the most traded NFT after the Bitcoin Ordinals hype
The recently released non-fungible token (NFT) named Bitcoin Frogs, which is modeled after Frogs, has surpassed even well-known collections like Bored Apes in terms of volume traded in the last day.
According to data from CryptoSlam, the late-February introduction of Bitcoin Frogs on Bitcoin Ordinals saw trade volume exceed US$2.2 million. 10,000 unique frog collectibles are what the collection calls itself; they were minted directly on the Bitcoin Blockchain.
Each NFT was trading for 0.12 bitcoins (BTC), or more than US$3,200, at the time of writing. As of Thursday, trade commissions for buyers and sellers ranged from US$50 to more than US$1,200.
The data reveals that the trading volume of Bitcoin Frog was split over 627 distinct transactions. Bored Apes, in contrast, only logged a little more than 11 transactions, but at a far greater cost of approximately US$83,000 per NFT.
Since the debut of the Ordinals Protocol earlier this year, NFTs that are issued directly on Bitcoin have become more popular. By including references to digital art in minor Bitcoin-based transactions, the Ordinals Protocol enables users to embed data onto the Bitcoin blockchain; earlier this month, the number of such Ordinals “inscriptions” surpassed 3 million.
