An unbelievable series of events are occurring in the NFT world of the Bitcoin network, in which the floor price of the NFT of the NodeMonkes collection jumped to more than 50% in the past 24 hours, the attention which comes in most of the crypto community and the digital artists. Such an influx has pushed node Monkes to the front of the industry, as shown in the market cap chart, replacing the previously dominant BAYC (Bored Ape Yacht Club), which sets a new disruptive precedent in the NFT industry. Thus, everybody’s favorite algorithm from coinGecko has been the trend since Monday morning.
By 11:00 a.m. Hong Kong time, there was a sharp rise in the floor price of NodeMonkes by 53.3%, reaching 0.83 BTC (which stands at $55,890), thus extending the market cap to around $558.9 million. With this increase, NodeMonkes has become the second-largest collection in terms of market cap to only CryptoPunks, which has a market cap of $1.76 billion. On the other hand, BAYC’s market cap was $490.9 million.
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In that case, NodeMonkes also did not lag. 24 hours sales volume soared 140.8%, reaching an impressive $5.1 million, based on the data by CryptoSlam. Hence, besides, Runestone adds another non-fungible token (NFT) to the market; the floor price hiked by 40.7% to $306.5 million, which is sixth in the market cap.
Nick Ruck, COO of the company ContentFi Labs, made another aspect of this pattern of change, stating that an upward/downward pattern here means a move of Ethereum (ETH) token traders to Solana (SOL) and meme coins and, nowadays, migration of NFT traders to Bitcoin NFTs. In this regard, he also noted that projects like Runestone and NodeMonkes attracted many buyers and fans. The bulk of the BAYC members sold their NFTs at a loss because the demand met a decrease.
This development may be directed at becoming more gas efficient and relieving congestion on the Ethereum network, which is overloaded by the NFT market. PudgyPenguins, NFTs that were so popular in the past, are not in fashion today. Ruck surmises that the Ethereum market underpinning NFTs is already exhausted, considering the collections value plummeting.
On the other hand, the NFT marketplace that is based on the Ethereum platform had the downside of having a decline in the February trading volumes to USD 786.5 million from USD 867.8 million in January, and the same amount has been realized in March so far with only USD 503.1 million. It is shown graphically by the data dashboard of the Block.
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Such a rapid instance of the courage of new NFT problems as it appeared in two success stories, the ones of NodeMonkes and Runes stone, might just be a sign of the beginning of a paradigm shift in the world of NFTs. Hence, in turn, it becomes probable to grow those people’s engagement in the blockchain-based NFT sets. With this, a broad market diversification chance emerges, among the major reasons attracting artists, collectors, and investors alike.
