NodeMonkes, a Bitcoin Ordinals project, made waves in the NFT world by surpassing the market capitalization of the iconic Bored Ape Yacht Club on Monday. This milestone saw NodeMonkes with a market capitalization of 7,300 BTC, equivalent to approximately $490 million, as reported by cross-chain NFT marketplace Magic Eden. In comparison, the Bored Ape Yacht Club’s market capitalization was around 136,500 ETH, totaling about $483 million at that time according to NFT Price Floor analytics site.
As of the latest update, Ethereum-based Apes have reclaimed their dominance, but the difference in market caps between the two collections remains relatively small, with less than $30 million separating them.
NodeMonkes, launched in December, consists of 10,000 8-bit monkey-themed digital collectibles. The market cap of an NFT project is determined by multiplying the floor price by the number of assets in the collection.
In a notable sale back in February, NodeMonkes #2769 was purchased for 17 BTC, approximately $1.08 million at the time, on Magic Eden. The project’s floor price surged from 0.53 BTC to 0.83 BTC within a span of 12 hours on a recent Sunday, although it has since stabilized at 0.67 BTC.
Recent trends have shown increasing demand for Bitcoin Ordinals projects, coinciding with the soaring price of Bitcoin reaching new all-time highs. Data from CryptoSlam indicates that Ordinals projects have accumulated a trading volume of $135 million in the past week, outperforming Ethereum NFTs which recorded a trading volume of $113 million.
Among the standout projects in the Ordinals space is Runestone, which experienced a surge in value post an airdrop on March 14. With 112,383 tokens on Bitcoin, Runestone swiftly rose to become one of the top three most-traded NFT projects within a 24-hour period, amassing $5.3 million in trading volume according to DappRadar data.
The much-anticipated Runestone airdrop marked a significant milestone for the project, with plans for the Rune token protocol by Ordinals creator Casey Rodarmor set to go live after the Bitcoin halving in April.
Yuga Labs, the creator of Bored Ape Yacht Club, also jumped on the Ordinals bandwagon with the launch of TwelveFold, a collection of 300 generative NFT art pieces. Co-founder Greg Solano expressed enthusiasm for Ordinal inscriptions and the future of digital artifacts on Bitcoin.
As the crypto industry continues to evolve, the intersection of NFTs and blockchain technology presents exciting opportunities for creators, collectors, and investors alike. Stay tuned for more developments in this rapidly growing space.
