TL;DR Breakdown
- Space Pepes is a multi-chain NFT initiative that will mint 100 unique NFTs on each of ten different blockchains.
- In a week, Space Pepes NFT initiative has generated approximately $7.4 million in transactions, surpassing well-known projects like the Bored Ape Yacht Club.
- Bitcoin NFTs generated roughly $167 million in trading volumes over the past thirty days, considerably less than Ethereum’s close to $397 million.
Space Pepes NFTs are taking the crypto world by storm with an unprecedented $7.4 million in transactions on the Bitcoin blockchain. Space Pepes is a multi-chain NFT initiative that will mint 100 unique NFTs on each of ten different blockchains. Unexpectedly, the largest non-fungible token (NFT) collection in terms of weekly volume has turned out to be a Bitcoin-based enterprise.
Space Pepes Surpass Bored Ape Yacht Club
In just seven days, the Space Pepes NFT initiative has generated approximately $7.4 million in transactions, surpassing well-known projects like the Bored Ape Yacht Club. The change is especially impressive in light of the earlier dismissal of NFTs on Bitcoin including Space Pepes. The introduction of ordinals, a technique for inserting random data like text, audio, and video into the smallest units of Bitcoin, known as Satoshis, has completely changed the environment.
Successful NFTs have historically preferred Ethereum as their blockchain of choice, with initiatives on other blockchains receiving far less attention. Nevertheless, Ethereum’s hegemony may soon be challenged if Ordinals’ surge continues. Since Bitcoin has been around for a while and has a higher market value, NFTs engraved on its blockchain might acquire significant cultural importance.
According to an earlier analysis from CryptoSlam, the Bitcoin blockchain recorded the second-highest NFT volume in the prior week, amounting to $35.8 million. The emergence of Bitcoin as a dominant player in this space as the NFT environment continues to change portends a potentially seismic upheaval in the blockchain ecosystem. The surge has been supported by Bitcoin Ordinals especially Space Pepes.
The newest enticement for digital art enthusiasts in the Web3 realm was pixelated images of “Pepe the Frog” comics flying through space.
These Space Pepes cost a little under $100 each, and data indicates that May 19 saw the highest trading volume. Since then, volumes have slowly decreased.
The fact that these weekly figures exceeded those of the well-known Ethereum-based collection Bored Apes Yacht Club (BAYC) shows an increasing pattern of Bitcoin-based artwork outperforming its contemporaries on other networks, such as Solana and Polygon, which were more known to collectors.
The combined volume of BAYC and Mutant Ape Yacht Club (MAYC), another collection from the same artists, was $9 million. Gods Unchained, an ImmutableX-based game, saw $4 million in volume, while the contentious Milady collection saw $3 million worth of trading.
As a result, Bitcoin NFTs generated roughly $167 million in trading volumes over the past thirty days, considerably less than Ethereum’s close to $397 million. However, according to Cryptoslam, NFT sales on the Bitcoin network are around $57 million behind, nearly tripling those on the Solana network.
A popular online meme, “Boy’s Club” by Matt Furie, included the animated figure Pepe the Frog. In the middle of the 2000s, Matt Furie published comics from his “Boy’s Club” series on MySpace, which helped Pepe the Frog become initially well-known online. After making its debut on MySpace, the character quickly gained popularity and was used as a meme on other social networking sites and online discussion forums.
Pepe Space is a distinct and dynamic social networking website created for fans. At PEACE, the ability of memes to foster camaraderie among individuals. Users can post their favorite Pepe memes on their site, express their creativity, and learn more about the constantly changing meme culture in a friendly environment.
Elon Musk launches Milady NFTs soaring
As reported by Cryptopolitan, Elon Musk, the CEO of Tesla and Twitter, tweeted, “There is no meme I love you,” along with an image from the well-known Web3 NFT project Milady Maker.
Musk’s support caused the collection’s floor price to increase immediately by roughly 90% to 7.35 ETH. But now that the initial euphoria has died down, the floor price is roughly 4.4 ETH.
A number of imitation ERC-20 tokens that are unrelated to the original NFT project also emerged as a result of it. One such instance is the LADYS token, whose price increased by 3,00% in response to Musk’s post.
10,000 generated profile photo NFTs make up the collection known as Milady Maker, whose author Charlotte Fang acknowledged posting abusive material under the alias Miya last year. Fang announced her retirement from the squad and apologized to the neighborhood.
Despite the earlier uproar, Milady Maker has been gaining popularity, drawing people who see taking part in the collection as a method to oppose the escalating international attack on the crypto industry.
Elon Musk has previously advocated for Web3 projects. He frequently tweeted about Dogecoin in the past, and most recently, he momentarily swapped out the Twitter logo with the Doge logo. These endorsements, however, have not been without repercussions since Musk is currently the target of a lawsuit demanding $258 billion in damages from him.
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