The non-fungible token [NFT] market has been known for its ups and downs throughout its brief history, with interesting projects emerging at different stages to pique the interest of enthusiasts.
The latest sensation turned out to be bitcoin [BTC]-based NodeMonkes.
According to analysis of AMBCrypto by CoinGecko’s data, its minimum price increased by more than 50% in the last 24 hours, propelling it to become the second largest NFT collection at the time of this publication.
A floor price is the lowest price at which an NFT can be sold. In recent years, it has become the gold standard for evaluating the growth of a collection. The higher the minimum price, the better.
At the time of writing, NodeMonkes’ minimum price was 0.82 BTC, worth over $55,000, sitting just below the top-tier powerhouse. CryptoPunks whose minimum price was above $177,000.
The highlight of the surge was how NodeMonkes surpassed the other giant. Bored Ape Yacht Club [BAYC].
The Bitcoin-based collection also recorded the second-highest sales volume in the last 24 hours, totaling over $4 million. This represented a 106% jump.
A product of the now popular Ordinals technology, NodeMonkes are a collection of 10,000 unique digital artworks inspired by monkeys.
The NFT caught the market’s attention earlier this month when one of its sales surpassed $1 million.
Note that this sale occurred alongside a strong rally in the price of Bitcoin, which likely contributed to the dollar figure.
But NodeMonkes was not the only Ordinals-based collection that made a splash in the market.
Runestone, a project led by Ordinals developer Leonidas, saw a 40% increase in its minimum price in the last 24 hours to exceed 0.04 BTC.
The success of these collections reflected a paradigm shift in the broader NFT landscape.
Ethereum [ETH] NFTs have dominated this sector since they burst onto the scene in 2021.
However, the introduction of ordinals has significantly altered the dynamics, making Bitcoin the most favored network for NFT transactions.
According to AMBCrypto analysis of CriptoSlam Data, Bitcoin was the number one chain for NFT sales in the last week, followed by Ethereum and solana [SOL].