Natcats NFT Collection has been taking NFT collectors attention everywhere, with its floor price rising around 10 times in just a week.
The rise of its popularity started happening with Bitcoin Ordinals Ecosystem getting its recognition in the Bitcoin price surge era, which has essentially pushed every Bitcoin NFT collection upwards.
Natcats NFT Gaining Popularity
Natcats NFTs are randomly generated NFTs in the Bitcoin Ecosystem, where each NFTs has its own distinct features, each being different from the other.
The NFT collection was generated with the help of the Inscription mechanism on the Ordinals Ecosystem, which helped developers and artists to launch their NFT collections directly on the Bitcoin Blockchain.
This was not possible before the launch of Ordinals, hence why it is getting its popularity right now, especially with the help of the price surge of Bitcoin.
The floor price of this NFT collection, according to data from Magic Eden, increased significantly in just a week, from 0.015 BTC per NFT to around 0.12 BTC per NFT currently.
This happened in just a week since Bitcoin surged to upwards of $60,000 creating FOMO around investors and degen hunters that want to capitalize on this positive condition in the crypto space overall.
The NFT collection did not have any prior news before the price surge nor does it have any new updates regarding its mechanism.
Natcats floor price increase was a result of moon bag hunters focusing on what can be capitalized during the Bitcoin price surge other than the Bitcoin itself.
Bitcoin’s price increase has successfully led investors to think that we are in an early bull market, especially with all the NFTs floor price rising significantly, a sign that was prominent during the last bull market.
Bitcoin NFT Soars
Natcats was not the only NFT collection that had a sudden influx of volume into its collection, because most NFTs floor price has been rising recently.
In the Bitcoin Ecosystem alone, Natcats still stands in the third place, below the overall uncategorized collections and the number one highest collection by sales and volume which is the NodeMonkes.
Most of these collections are profile pictures or PFP collections where the NFTs are only being used as profile pictures and not much other utilities.
The surge of Bitcoin price has managed to significantly increase the transaction volume of the Bitcoin NFT Ecosystem.
In the last seven days, Bitcoin;s NFT volume has managed to overthrow the almighty Ethereum, which has been known to have the most volume around NFTs.
This data was provided by CryptoSlam, where it was recorded that the transaction volume of BItcoin NFTs was briefly higher than Ethereum NFTs, but the overall buyer count of Ethereum’s was still higher than Bitcoin’s.
Overall the trend showed us that this bull market might be different from the previous one because Bitcoin now comes with a lot of new innovations that were not possible in the last bull markets.
So with new innovations comes new transaction volume, which might probably translate to higher price percentage increase in the next bull market.
Official Website
Website: https://www.bitrue.com/
Sign Up: https://www.bitrue.com/user/register
Disclaimer:
The views expressed belong exclusively to the author and do not reflect the views of this platform. This platform and its affiliates disclaim any responsibility for the accuracy or suitability of the information provided. It is for informational purposes only and not intended as financial or investment advice.