Pixelated images of “Pepe the Frog” comics riding spaceships have become the unanticipated new sensation in the world of digital art collectors in Web3. The latest Bitcoin-based NFT collection, called “Space Pepes,” has seen weekly trade volumes worth over $7.3 million within a span of seven days, as per data from Cryptoslam. These figures make this NFT collection the most traded during the past week. Each Space Pepe is being sold for less than $100, and the majority of trading volumes were noted to be on May 19. The weekly trading volumes of Bitcoin-based Space Pepes were higher than the widely recognized Ethereum-based collections such as Bored Apes Yacht Club and Mutant Ape Yacht Club, which had a cumulative volume of $9 million. The rise in popularity of Bitcoin-based artwork and NFTs highlights a growing trend over other networks, including Polygon and Solana, that were predominantly favored by collectors.
The Space Pepes NFT collection has remarkably surpassed other NFT collections such as ImmutableX-based Gods Unchained, which saw trade volumes of $4 million, and the controversial Milady collection that saw $3 million worth traded. As per Cryptoslam, in the past 30 days, Bitcoin NFTs have accumulated approximately $167 million in trade volumes, which is not far off Ethereum’s trading volume of nearly $397 million. Furthermore, it has been noted that NFT sales on the Bitcoin network have been thrice as large as on the Solana network.
The trend towards Bitcoin-based artwork comes as global cryptocurrency usage gains further momentum among different sectors of society. It is important to note that CoinDesk, the information and news provider on cryptocurrency, digital assets, and the future of money, stands by a strict set of editorial policies, striving for the highest journalistic standards. CoinDesk discloses receiving compensation such as stock appreciation rights, which vest over a multi-year period, and that editorial employees are restricted from purchasing stock outright in Digital Currency Group. With the rise of digital art collections, it remains to be seen how this will impact the overall NFT market.
In conclusion, the Bitcoin-based Space Pepes collection has emerged as the most traded NFTs in the past week. It has gained growing interest among digital art collectors across different sectors, offering unique opportunities for investing in digital art. The rise of Bitcoin-based artwork and NFTs highlights a growing trend in the art market, which could bring new opportunities and potential benefits for digital artists and investors alike.
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According to https://www.coindesk.com/web3/2023/05/25/bitcoin-based-space-pepes-led-weekly-trading-volumes-among-nft-collections/
The material in this article is written on the basis of another article.