Pixelated pictures of "Pepe the Frog" comics riding spaceships were the latest allure for digital art collectors in the Web3 world.
The so-called Bitcoin-based “Space Pepes” collection became the most traded non-fungible tokens (NFTs) over a seven-day period, data from Cryptoslam shows, with over $7.3 million worth of the collection traded.
Each of these Space Pepes sells for just under $100, and data shows the bulk of trading volumes came on May 19. Volumes have since gradually fallen.
These weekly figures were higher than the popular Ethereum-based collection Bored Apes Yacht Club (BAYC) and highlight a growing trend of Bitcoin-based artwork gaining popularity over its peers on other networks, such as Solana and Polygon, which were more prominently known among collectors.
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BAYC and Mutant Ape Yacht Club (MAYC), another collection from the same creators, logged a cumulative volume of $9 million. ImmutableX-based Gods Unchained clocked $4 million in volumes, while the controversial Milady collection saw $3 million worth traded.
As such, in the past thirty days, Bitcoin NFTs have grossed about $167 million in trading volumes, which is several figures shy of Ethereum’s near-$397 million. However, NFT sales on Bitcoin are nearly three times larger than on the Solana network, according to Cryptoslam, trailing behind at about $57 million.