In an unexpected turn of events, the newly established non-fungible token (NFT) collection known as Bitcoin Frogs has swiftly surpassed even well-known collections like Bored Apes to become the most frequently traded collection within the previous 24 hours. Bitcoin Frogs had a spectacular trading volume of more over $2.2 million, according to data from CryptoSlam.
According to its website, Bitcoin Frogs is a collection of “10,000 unique frog collectibles minted directly on the Bitcoin Blockchain.” It made its debut on the Bitcoin Ordinals platform in late February. Each NFT from the collection was going for 0.12 bitcoin (BTC), which is more than $3,200 at the time of writing. Notably, trading costs for buyers and sellers range from $50 to more than $1,200.
627 distinct transactions, which depict the trading activity around Bitcoin Frogs, demonstrate how well-liked it is among NFT fans. Comparatively, the legendary Bored Apes collection only saw little more than 11 transactions, but at a far greater cost per NFT than $83,000.
Since the launch of the Ordinals Protocol earlier this year, NFTs issued directly on the Bitcoin blockchain have drawn a lot of interest. With the help of this ground-breaking system, users may insert information about digital art into tiny bitcoin transactions to produce so-called “Ordinals inscriptions.” In fact, earlier this month, the astounding 3 million mark for Ordinals inscriptions was crossed.
The ongoing interest in and potential of NFTs within the cryptocurrency community is shown by the Bitcoin Frogs NFT collection, which continues to enthrall both traders and collectors. In the realm of decentralized art and tokenized assets, these digital collectibles are having a big effect thanks to their distinctive features and link to the Bitcoin network.
