The cryptocurrency market has seen a major shift in activity in recent weeks. The focus has shifted from the Ethereum NFT market to the Bitcoin NFT market - or more specifically, the bitcoin Ordinals and STAMP NFTs. This comes as trading volume in the Ethereum NFT market has dropped off sharply, indicating that investors may be abandoning the platform in favor of Bitcoin.

The Bitcoin NFT market is still very new and niche, but according to Dune Analytics, it is growing rapidly. So far this year, the top 30 ranking bitcoin NFT Ordinals collections have racked up a total of more than $76 million USD in sales volume. Likewise, with the introduction of the new bitcoin STAMP NFTs, coders are recreating classic games like Doom and Tetris that will all be stamped to the blockchain.

Meanwhile, the Ethereum NFT market has been struggling. This is in part due to issues with Blur, where trading volume has decreased by 90% from its peak on February 22, and OpenSea registering only 3,000 ether in sales. Several large companies have also Curtailed or abandoned their NFT plans, such as Meta completely shuttering its plans for Instagram integration, adding to the market's woes.

Overall, Ethereum is still up 48% since the start of the year and Bitcoin is up an impressive 60%, yet these increases pale in comparison to the NASDAQ index, which is up by 16%. As the activity in the Ethereum NFT Market continues to drop off, it appears that investors have made a clear move away from Ethereum and into Bitcoin.



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