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NodeMonkes Flips Bored Ape Yacht Club in NFT Market
NodeMonkes Surpasses Bored Ape Yacht Club in Market Capitalization
In a striking turn of events within the NFT landscape, the Bitcoin Ordinals project NodeMonkes has flipped the renowned Bored Ape Yacht Club (BAYC) earlier this week. With a market capitalization reaching 7,300 BTC, approximately $490 million, NodeMonkes has showcased the evolving dynamics of digital collectibles. This development not only highlights the competitive atmosphere among NFT collections but also reflects the burgeoning interest in Bitcoin Ordinals.
A Closer Look at Market Capitalization
NodeMonkes:
- Market Cap: 7,300 BTC (~$490 million)
- Floor Price Surge: Increased from 0.53 BTC to 0.83 BTC within 12 hours, now stabilizing around 0.67 BTC
- Notable Sale: NodeMonkes #2769 sold for 17 BTC (~$1.08 million) on Magic Eden
Bored Ape Yacht Club:
- Market Cap: 136,500 ETH (~$483 million)
- Current Status: BAYC has reclaimed the top position, but the competition remains tight with less than $30 million separating the two collections.
The market capitalization of an NFT project is determined by multiplying the floor price by the total number of assets in the collection. The NodeMonkes collection, launched in December, consists of 10,000 pixelated monkey-themed digital collectibles, which have recently gained traction in the market.
Rising Demand for Bitcoin Ordinals
The upward momentum of Bitcoin Ordinals projects is undeniable, particularly as Bitcoin itself continues to reach new all-time highs. Recent data from CryptoSlam indicates that over the last week, Ordinals projects amassed \(135 million in trading volume, outpacing Ethereum NFTs, which recorded \)113 million.
Emerging Players
In addition to NodeMonkes, another standout project is Runestone. Following a significant airdrop on March 14, Runestone has quickly climbed the ranks to become one of the top three most traded NFT projects, achieving $5.3 million in trading volume within just 24 hours.
- Runestone Details:
- Collection Size: 112,383 tokens
- Anticipated Event: Transition of Runestone inscriptions to Rune tokens post-Bitcoin halving in April.
The excitement surrounding the Runestone airdrop was palpable, with one inscription, 63,140,674, fetching an astonishing 8 BTC (~$533,956) at auction.
Industry Responses
Recognizing the potential of Ordinals, Yuga Labs, the creator of BAYC, has also entered the fray with its collection of Ordinal inscriptions called TwelveFold. This series of 300 generative NFT art pieces signifies a strategic move to capitalize on the growing interest in Bitcoin-based digital artifacts.
Greg Solano, co-founder of Yuga Labs, expressed enthusiasm for the future of digital collectibles on Bitcoin, underscoring the significance of this competitive landscape.
As the dynamics within the NFT market continue to shift, the rivalry between NodeMonkes and Bored Ape Yacht Club serves as a compelling narrative of innovation and adaptation within the digital art space.
For those eager to embrace the BAYC culture, consider the INKEEZE Mutant Serum Green Tattoo Ointment Limited Edition Bored Ape Yacht Club NFT, Made in USA, 16oz or express your fandom with the Bored Ape Yacht Club Inspired NFT attire, Cool Shades Crypto T-Shirt. Additionally, the Ape Club NFT Marketplace BAYC Non Fungible Token BTC Crypto T-Shirt offers a great way to showcase your NFT passion.
For those looking to add a unique touch to their collections, consider the Murphy's Magic Supplies, Inc. Bicycle Bored Ape Playing Cards by US Playing Card Co. or a Novelty Mens Boat Captain T Shirts, Yacht Rock Nautical Cruise Uniform Party Costume Tee (Upgraded Set, XL).
As the NFT landscape continues to evolve, these collections and their related merchandise represent a vibrant community of enthusiasts and collectors.
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