The world of non-fungible tokens (NFTs) has been taken by storm with the recent launch of Bitcoin Frogs, a collection fashionably designed after frogs that has toppled even the most prominent NFT collections. Within just 24 hours, the trading volume for Bitcoin Frogs reached over $2.2 million, outpacing established collections like Bored Apes.
Created in late February on Bitcoin Ordinals, the collection comprises 10,000 unique frog collectibles minted directly on the Bitcoin blockchain. At the moment, each NFT is selling for 0.12 BTC, equivalent to over $3,200. Buyers and sellers in this space are paying various trading fees, ranging from $50 to more than $1,200.
Contrastingly, Bored Apes recorded just above 11 transactions with a significantly higher price point of over $83,000 per NFT. The popularity of Bitcoin Frogs came from the staggering 627 individual transactions contributing to its trading volume.
The advent of the Ordinals Protocol earlier this year has played a role in helping NFTs issued directly on Bitcoin gain traction. The protocol enables users to embed data onto the Bitcoin blockchain by inscribing references to digital art into small bitcoin-based transactions. The so-called Ordinals “inscriptions” crossed the 3 million mark earlier this month.
However, the rising demand for Bitcoin Frogs and other NFTs using the Ordinals Protocol has led to Bitcoin fees skyrocketing to two-year highs. This has churned emotions within the Bitcoin community. Some argue that the potential of NFTs, with their ability to store data and digital art on the blockchain, can redefine the technology landscape by offering a new way to own, trade, and authenticate digital art, collectibles, and other forms of digital assets.
On the flip side,
Source: Coindesk
