CoinGecko’s recent data reveals a significant surge in the non-fungible token (NFT) sector, where NodeMonkes has seen a staggering 50% increase in its base price over the past day. This rise has propelled NodeMonkes beyond the well-known Bored Ape Yacht Club (BAYC) in overall market value, marking a considerable power shift in the NFT space.
NodeMonkes Achieves Second-Highest Market Value
The base price jump of 53.3% took NodeMonkes to an impressive 0.83 BTC, or roughly $55,890, leading to a market valuation close to $558.9 million. This positions NodeMonkes right below CryptoPunks, making it the second-largest NFT collection by market value. Concurrently, the sales volume for NodeMonkes soared, with a dramatic 140.8% increase in the last day alone, hitting a $5.1 million sales figure.
Bitcoin NFTs Attract Investor Attention Over Ethereum
Nick Ruck, Operations Director at ContentFi Labs, has connected the success of NodeMonkes and another Bitcoin NFT collection, Runestone, to a noticeable pivot in investor interest—moving away from Ethereum and toward Bitcoin-based NFTs. Ruck pointed out that NodeMonkes has leapfrogged BAYC following robust sales records in recent times, suggesting a pivotal alteration in NFT market trends.
Ruck also highlighted the influence of Ethereum’s rising transaction fees and a saturation of its NFT market as possible factors for the Bitcoin NFTs’ growing allure. The Block’s data underlines the declining transaction volume in Ethereum’s NFT market, which saw a reduction from $867.8 million in January to $503.1 million in March, reinforcing signs of a continuing slide. With the ascent of NodeMonkes and Runestone, the data reflects a dynamic shift within the NFT landscape, as Bitcoin NFTs become increasingly popular among investors seeking new opportunities.