One article to learn about NodeMonkes, the most popular BTC NFT project

*Forward the Original Title: Bankless：速览最火的BTC NFT项目「NodeMonkes」

A new force is reshaping the Bitcoin NFT landscape.

What is this project? NodeMonkes.

The Ordinals series has come to prominence over the past month, quickly becoming Bitcoin’s flagship series and now rivaling the top NFTs on other chains.

In today’s article, let’s take a look at how quickly Nodes is evolving and some of the things you need to pay attention to.

The Rise of NodeMonkes

NodeMonkes, first minted in February 2023, is hailed as the first original 10k PFP collectible created through Ordinals, distinguishing itself from earlier inscriptions like Bitcoin Punks and OnChainMonkeys, which are derived from existing projects.

From an aesthetic perspective, the NodeMonkes series adopts a pixel art style reminiscent of retro video game graphics, characterized by large, blocky pixels and exaggerated yet minimalist features. Each character is an abstract monkey, with some being more abstract than others, allowing for diverse interpretations depending on the viewer’s imagination. Overall, the series’ style evokes memories of Nouns, one of Ethereum’s most iconic pixel art NFT collections, albeit specifically tailored for the Bitcoin scene.

NodeMonkes was launched in December 2023 through a Dutch public auction, fetching 0.03 BTC (approximately $1260 at the time) per NFT.

Months of anticipation, coupled with growing interest in Ordinals, BTC ETF approvals, and Bitcoin’s second layer technology, have propelled NodeMonkes to incredible early momentum.

It has become not only the largest NFT collection on Bitcoin but also one of the most valuable in the entire NFT space. The current floor price of 0.81 BTC represents a 2,600% increase over the minting cost of 0.03 BTC, placing it behind only CryptoPunks and Pudgy Penguins in terms of floor price. In market capitalization, Nodes, valued at approximately $500 million, is second only to Punks, valued at around $2 billion.

The primary trading hub for NodeMonkes is the multi-chain NFT marketplace Magic Eden, which has facilitated over 2,795 BTC (over $190 million) worth of transactions to date. This significant trading volume has propelled the series into the top 30 most traded NFT projects of all time, with volumes continuing to rise.

For instance, over the past month, NodeMonkes has seen transactions exceeding $86 million, including $11 million within the past 24 hours alone. The frenzy surrounding NodeMonkes has made Magic Eden the leader in transaction volume on the NFT market in recent days.

Big NodeMonkes are selling like hotcakes as the collection gains increasing recognition as the “CryptoPunks of the Bitcoin world.” With a surge of big NFT collectors entering the scene, it’s no surprise that the series has witnessed some substantial sales recently.

For instance, the first Node to surpass the $1 million sales mark was Alienware number 2769, which was resold over the weekend for a staggering 16.6 BTC. This transaction also stands as the second-largest Ordinals purchase in the crypto economy to date. Other recent purchases have also exceeded 8 BTC, including NodeMonkes No. 9255 (10.54 BTC), NodeMonkes No. 5605 (9.95 BTC), NodeMonkes No. 3315 (9.17 BTC), NodeMonkes No. 10 (8.83 BTC), NodeMonkes No. 3361 (8.82 BTC), and NodeMonkes No. 4791 (8.7 BTC).

What’s driving these significant gains? Deep-pocketed collectors are swooping in to acquire some of the rarest and most popular Nodes in the market. This activity, coupled with the recent purchase of CryptoPunk 3100 for 4500 ETH, indicates that whales are once again flexing their muscles in the NFT market.

Conclusion

While NodeMonkes are now clearly out of the price range of the vast majority of people, their rise symbolizes the explosion of the Bitcoin Ordinals scene, catalyzing interest in Magic Eden and other more affordable Bitcoin NFT projects.

Ethereum has CryptoPunks, Solana has Mad Lads, and now Bitcoin has NodeMonkes, the flagship PFP collection. The Ordinals space is still in its early stages, and it’s entirely possible that other projects will become kings of the Bitcoin space over time. But for now and the foreseeable future, that title is firmly in the hands of Nodes. Let’s wait and see!

Disclaimer：

1. This article is reproduced from marsbit, authored by [WilliamM.Peaster], and translated by [Yvonne, Mars Finance]. If you have any objections to the reprint, please contact the Gate Learn team, and they will handle it promptly according to relevant procedures.
2. Liability Disclaimer: The views and opinions expressed in this article represent only the author’s personal views and do not constitute any investment advice.
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