Magic Eden’s Bitcoin NFT had its best month in terms of fees and trading volume amid continued interest in the major cryptocurrency from industry participants and Wall Street.
Magic Eden’s Bitcoin NFT market hit a record high this month, with more than $100 million in volume transacted by digital collectibles traders, according to a Dune Analytics dashboard provided by anonymous contributor Sealaunch.
The $2 million fee paid for buying and selling Bitcoin NFTs on Magic Eden also set a record for the platform. There were about 45,000 buyers and 91,000 sellers in the market, but sales did not exceed the figure set in December of last year.
Magic Eden The Bitcoin NFT market has seen an increase in trading volume, fees, buying and selling since September of last year, when Bitcoin (BTC) was trading at around $25,000, according to TradingView. BTC has risen more than 125% since then, trading above $57,000 for the first time since December 2021.
The collection called “Rare Pepes” is considered Bitcoin’s first NFT collection, although the term “non-fungible token” did not exist at the time. These efforts are ahead of the NFT hype that will gather on Ethereum, the cryptocurrency’s second-largest chain, in late 2019 following the successful launch of Crypto Punks two years ago.
Bitcoin NFTs are back in 2023 with the introduction of ordinal numbers and inscriptions, a way to add data to BTC transactions. The technology was developed by Casey Rodarmor in January last year and paves the way for new decentralized financial activities on the blockchain, the origin of cryptocurrencies.
The standard inspired pseudonymous developer Domo to create the BRC-20 framework, unlocking a multi-billion dollar token ecosystem in Bitcoin, but key contributors have backed off the idea, potentially threatening the BTC chain. The bug has been tagged.