Bitcoin Frogs: The Most-Traded NFT Collection
Bitcoin Frogs, the newly-launched non-fungible token (NFT) fashioned after frogs, has become the most-traded collection in the past 24 hours. Surpassing even prominent collections such as Bored Apes.
The Bitcoin Frogs collection launched in late February on Bitcoin Ordinals and reached a tradingSponsored Product volume of over $2.2 million according to data from CryptoSlam. The collection describes itself as “10,000 unique frog collectibles minted directly on the Bitcoin Blockchain.” At the time of writing, each NFT was selling for 0.12 bitcoin (BTC), or more than $3,200.
Buyers and sellers are paying tradingSponsored Product fees ranging from $50 to over $1,200 as of Thursday.
What Are Non-Fungible Tokens?
Non-fungible tokens or NFTs are digital assets that represent ownership of a unique item or piece of content like art pieces, music tracks or tweets among others which can be bought and sold online using cryptocurrency.
Unlike fungible cryptocurrencies such as bitcoin where one unit is interchangeable with another identical unit making them equal in value; non-fungible tokens have varying degrees of uniqueness thus cannot be exchanged at an equal rate for something else because they hold different values based on their rarity and demand by collectors.
Why Do People Buy And Sell Nfts?
People buy and sell NFTs mainly due to their scarcity value combined with high demand driven by hype around certain creators/artists who release limited edition works through these platforms leading to bidding wars between buyers looking to own exclusive versions before anyone else does so they can resell them later at higher prices when demand increases further down line creating profit opportunities for investors/speculators alike while also providing exposure/visibility towards artists’ work via social media channels etc., thereby increasing their popularity/following base exponentially within short periods depending upon how viral their works go.
How Do Nfts Work?
NFTs work by using blockchain technology to create a unique digital asset that can be bought and sold. The ownership of the asset is recorded on the blockchain, which means it cannot be duplicated or replicated in any way. This makes NFTs highly valuable as they are one-of-a-kind items that have been verified through the use of cryptography.
The process for creating an NFT involves uploading a file such as an image or video onto a platform like OpenSea or Rarible. Once uploaded, users can then set a price for their item and put it up for sale. When someone buys the item, they receive ownership rights over it, which are stored on the blockchain.
What Makes Bitcoin Frogs So Popular?
Bitcoin Frogs has become popular due to its unique concept combined with high demand from collectors looking to own exclusive versions before anyone else does so they can resell them later at higher prices when demand increases further down line creating profit opportunities for investors/speculators alike while also providing exposure/visibility towards artists’ work via social media channels etc., thereby increasing their popularity/following base exponentially within short periods depending upon how viral their works go.
In addition to this, there is also hype around certain creators/artists who release limited edition works through these platforms leading to bidding wars between buyers looking to own exclusive versions before anyone else does so they can resell them later at higher prices when demand increases further down line creating profit opportunities for investors/speculators alike while also providing exposure/visibility towards artists’ work via social media channels etc., thereby increasing their popularity/following base exponentially within short periods depending upon how viral their works go.
Conclusion
Non-fungible tokens (NFTs) have taken off in recent years thanks largely due to increased interest from collectors/investors seeking out rare pieces created by some of today’s most innovative artists/designers/musicians etc., who are using blockchain technology to create unique digital assets that can be bought and sold online for cryptocurrency.
Bitcoin Frogs, the newly-launched NFT collection fashioned after frogs has become the most-traded collection in the past 24 hours. Surpassing even prominent collections such as Bored Apes. The Bitcoin Frogs collection launched in late February on Bitcoin Ordinals and reached a tradingSponsored Product volume of over $2.2 million according to data from CryptoSlam.
The popularity of Bitcoin Frogs is due to its unique concept combined with high demand from collectors looking to own exclusive versions before anyone else does so they can resell them later at higher prices when demand increases further down line creating profit opportunities for investors/speculators alike while also providing exposure/visibility towards artists’ work via social media channels etc., thereby increasing their popularity/following base exponentially within short periods depending upon how viral their works go.
#Mover #Americas #Bitcoin #Rebounds #Optimism #DebtCeiling
