According to data from the crypto data and price platform CoinGecko, in a significant development in the NFT market, the base price of the leading NFT collection NodeMonkes increased by over 50% in the last 24 hours. This increase in the base price allowed NodeMonkes to surpass the famous NFT collection Bored Ape Yacht Club (BAYC) in terms of market value early today, indicating a notable shift in the NFT world.
Now the World’s Second Largest NFT Collection
According to the data, NodeMonkes’ base price rose by 53.3% to 0.83 BTC (approximately $55,890), reaching a market value of about $558.9 million. This surge positioned NodeMonkes as the second-largest NFT collection in terms of market value, just behind CryptoPunks.
Data from CryptoSlam also shows that NodeMonkes’ sales experienced a significant increase, with a 140.8% rise in the last 24 hours, reaching a sales volume of $5.1 million. Additionally, another Bitcoin NFT collection, Runestone, saw a 40.7% increase in its base price and reached a market value of $306.5 million, becoming the sixth-largest NFT collection by market value.
NFT Investors’ Interest Shifts from Ethereum to Bitcoin
Nick Ruck, the Operations Director at ContentFi Labs, attributed the rise in NodeMonkes and Runestone to a shift in focus among NFT investors, particularly towards Bitcoin NFTs. Ruck noted that NodeMonkes managed to surpass BAYC amidst significant sales in recent weeks, indicating a major shift in market dynamics within the NFT market.
Ruck also added that increasing transaction fees and signs of a waning NFT market on Ethereum could have contributed to the growing interest in Bitcoin NFTs. According to data from The Block, the transaction volume in the Ethereum-based NFT market continues to show a downward trend. The transaction volume of the Ethereum-based NFT market dropped from $867.8 million in January to $786.5 million in February.
The transaction volume for the Ethereum-based NFT market in March has so far amounted to $503.1 million, further indicating the continuation of the downward trend. With the rise of NodeMonkes and Runestone, these factors point to a changing landscape in the NFT market, with Bitcoin NFTs gaining interest amidst shifting market dynamics and investor preferences.
