Digital art collectors in the Web3 world have recently found themselves captivated by pixelated pictures of ‘Pepe the Frog’ comics riding spaceships, known as the Bitcoin-based “Space Pepes” collection. Data from Cryptoslam shows that these non-fungible tokens (NFTs) were the most traded in a seven-day period, amounting to over $7.3 million worth of transactions. Each Space Pepe sells for just under $100, with the majority of trading volumes occurring on May 19, before gradually declining.
These weekly figures surpassed those of the popular Ethereum-based Bored Apes Yacht Club (BAYC) collection, spotlighting the rising trend of Bitcoin-based artwork as it gains favor over its counterparts on other networks, such as Solana and Polygon. While these other networks have been more widely known amongst collectors, it seems that Bitcoin NFTs are increasingly carving out their own niche.
In contrast, BAYC and Mutant Ape Yacht Club (MAYC), another collection from the same creators, logged a cumulative volume of $9 million. Meanwhile, ImmutableX-based Gods Unchained boasted $4 million in volumes, and the controversial Milady collection saw $3 million worth traded. It’s worth noting that, over the past thirty days, Bitcoin NFTs have yielded nearly $167 million in trading volumes.
Although this figure falls short of Ethereum’s near-$397 million, NFT sales on Bitcoin are almost three times larger than on the Solana network, according to Cryptoslam, which lags behind at roughly $57 million. This noteworthy comparison serves to accentuate the potential that Bitcoin-based NFTs hold in the realm of digital art and collectibles, as they continue to pique the interest of collectors worldwide.
However, this rising trend also prompts a healthy measure of skepticism, as questions arise about the sustainability and long-term value of these Bitcoin NFTs. While the short-term appeal of quirky collections such as Space Pepes is undeniable, it remains uncertain whether they can maintain this level of interest, trading volume, and value over time.
In conclusion, the recent surge in popularity for Bitcoin-based NFTs, exemplified by the Space Pepes collection, reflects an evolving landscape within the digital collectibles market. As some networks find themselves outpaced by the rapid growth of Bitcoin NFTs, debate arises around the potential staying power of this developing trend. Yet, for the moment, it seems the allure of these vibrant digital artworks and curious collectibles remains strong for avid enthusiasts within the Web3 world.