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NFT sales volume spike amid crypto, Bitcoin Dogs surge

By:
on Mar 3, 2024
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  • NFT volumes rose more than 32% last week, with NFT collections on Bitcoin dominating.
  • Bitcoin Dogs is racing through its presale amid the NFTs frenzy.
  • The NFTs and gaming space on Bitcoin has so far raised over $6.5 million.

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Bitcoin Dogs, a GameFi and NFT project that recently launched the first-ever BRC-20 presale on Bitcoin, is one of those projects to see a massive wave of interest from investors this week.

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This comes as the NFT market continues to show resurgence, with weekly sales volumes hitting $422 million. Notably, NFTs on Bitcoin have recorded huge volumes amid the buzz around the flagship cryptocurrency’s price.

NFT sales volume up 32.8% this past week

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According to data platform CryptoSlam, NFT sales volumes are up 32.8% over the past seven days, rising to over $422 million between February 26 and March 3.

Per the data, sales volumes have increased from the $319 million recorded in the previous week and lows of $218 million in the last week of January 2024.

Of the top 5 NFT collections ranked by sales volumes this past week, three are on Bitcoin. Uncategorized Ordinals, NodeMonkes and NATCATS TAP NFTs have recorded more than $40 million (+160%), $34 million (+134%) and $9 million (+435%) in sales respectively during this period.

Meanwhile, Bitcoin has seen the most sales growth this past week among the top 10 blockchains, recording an 83% surge. That beats volume increase on Solana (+31%) and Ethereum (+13%) over the seven days.

Bitcoin also ranks top in terms of total NFT sales volume in the week with $159,422,112 compared to Ethereum’s $158,564,872.

Bitcoin Dogs: New NFT and gaming project on Bitcoin

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Bitcoin and NFTs have taken on a new level of interest after the initial surge seen when software engineer Casey Rodarmor unveiled bitcoin ordinals in late 2022.

As Rodarmor opined in early 2023, the plan was to “make bitcoin fun again.” It’s a vision that has inspired multiple NFT projects today. Various experts say the Bitcoin layer-2 ecosystem and inscriptions is still at the nascent stage.

Bitcoin Dogs, the new blockchain project set to bring NFTs, gaming and crypto tokens together on Bitcoin, is one of the hottest crypto presale tokens today. 

The whitepaper outlines a total supply of 900 million 0DOG minted on the BRC-20 token standard and 10,000 unique ordinals NFTs. It’s a combination that rolls crypto, fun and man’s love for the dog into one promising platform.

As highlighted in the whitepaper, the Bitcoin Dogs platform taps into Bitcoin’s security, decentralisation and network reliability.

The project launched in mid-February as the first-ever ICO on Bitcoin, and has quickly hit $6.5 million. 

In just over two weeks, the Bitcoin Dogs’ community on X has shot to 121k followers, while the Telegram community has jumped to over 20k members. 

Bitcoin Dogs future outlook

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For an outlook for Bitcoin Dogs, one may have to consider what’s happening in the Bitcoin ecosystem.

This week, crypto mining firm Marathon Digital announced its Anduro, a “new programmable layer-two network on Bitcoin”. According to a press release, the multi-chain network is designed to support a new era of innovation on Bitcoin.

Experts have noted that the Bitcoin network could support a $500 billion ecosystem across digital collectibles, GameFi and DeFi. As the NFTs, decentralised finance (DeFi) and gaming ecosystems on Bitcoin take off, one of the projects to watch out for will be Bitcoin Dogs. 

Also notable is the outlook for Bitcoin.

Bitcoin price surged to highs of $64k, hitting the multi-year high amid spot Bitcoin ETFs frenzy and the Bitcoin halving sentiment. While prices are around $61k and could revisit support below the $60k mark, analysts have forecast BTC price could explode past its previous bull market peak. 

Bitcoin Dogs could benefit from these factors and see the native token’s price surge post launch.

Currently, 0DOG is priced at $0.0312 and there are just 11 more days before the ICO ends on March 15.

Learn more about Bitcoin Dogs here.

This article is a collaboration between our Editors and our Partners, and it may contain sponsored advertising content and links. The content is not intended as financial advice and is for informational purposes only.

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