Nfts
CryptoPunks Dominate NFT Sales as Bitcoin Runes Slow
In the non-fungible token (NFT) market, CryptoPunks and Pudgy Penguins, NFT collectibles based on Ethereum (ETH), became sales leaders in the last 24 hours.
The recent performance of CryptoPunks and Pudgy Penguins far exceeds that of Bitcoin Ordinals. These NFTs in the Bitcoin blockchain appear to be losing momentum.
Ethereum’s advantage over Bitcoin in the NFT market
CryptoSlam Data strong points CryptoPunks sales at $1.25 million. This figure represents a remarkable increase of 811.95% in the last 24 hours.
THE sale of CryptoPunks #741 contributed greatly to this surge. The latest data shows that CryptoPunks #741 is valued at $792,046.
Pudgy penguins have also seen a substantial increase. Its sales reached $476,857, a gain of 356.46% over the same period. Interestingly, Pudgy Penguins’ achievements extend beyond the digital space.
Learn more: What are CryptoPunks? The complete guide
Ranking of NFT collections by sales volume. Source: CryptoSlam
Recently, Luca Netz, CEO of Pudgy Penguins, announced that more than one million Pudgy Toys, the plush version of Pudgy Penguins, have been sold in the last 12 months. This milestone comes as the NFT project continues to expand around the world.
“Who would have thought that the mainstream crypto revolution would be led by fat, flightless birds,” Luca Netz wrote on his X (Twitter).
Pudgy Penguins’ retail strategy demonstrates a successful crossover from the digital to the physical market. Their launch in American stores like Target is part of this strategy. It also aims to significantly increase its consumer base.
Toys at Target come from the Penguins Community Collection. The license for these toys is based on their NFT platform, OverpassIP.
Each toy includes “a birth certificate” with a QR code. This code connects to Pudgy World, improving interaction with the buyer.
On the other hand, Bitcoin Ordinals are experiencing a decline in interest. While the Ethereum blockchain saw a 46.71% increase in NFT sales, reaching $5.95 million, Bitcoin Ordinals saw sales drop 20% to $5.07 million.
This development is particularly remarkable given that the previous month, Bitcoin NFTs outperformed NFT Ethereum. A report from DappRadar shows that Runestone, one of the largest Bitcoin Ordinals listings, gained popularity over the month.
Runestone became the NFT collection with the highest trading volume in April. He also surpassed Bored Ape Yacht Club (BAYC)a popular NFT collectible based on Ethereum, for the first time.
Behind success lies Rune Mechanics That Leverage Bitcoin’s Existing UTXO model to minimize data added to the blockchain. Such a mechanism allows Runes to potentially reduce transaction fees compared to Ordinals.
Learn more: Top 5 BRC-20 platforms for trading ordinals in 2024
However, the The rune hype has cooled shortly after the Bitcoin halved arrived. Dune Analytical data shows a significant drop in Runes transactions. They fell by almost 4,590%, from 753,814 on April 24 to 16,066 on May 13.
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