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Home » Nifty Newsletter: Coachella Ventures into NFTs as Bitcoin Surpasses Ethereum in Weekly Sales
Nifty Newsletter: Coachella Ventures into NFTs as Bitcoin Surpasses Ethereum in Weekly Sales
Nifty Newsletter: Coachella Ventures into NFTs as Bitcoin Surpasses Ethereum in Weekly Sales
Bitcoin

Nifty Newsletter: Coachella Ventures into NFTs as Bitcoin Surpasses Ethereum in Weekly Sales

03/06/20243 Mins Read
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Bitcoin NFTs Outperform Ethereum in Weekly Sales, Ordinals Trader Recovers Mistaken Bitcoin Transaction

In the latest edition of our newsletter, Bitcoin-based nonfungible tokens (NFTs) have made a comeback by surpassing Ethereum in weekly sales. Additionally, an Ordinals trader was able to recover their Bitcoin after a mistaken transaction. Join us as we explore the collaboration between Coachella and OpenSea on three NFT collections, delve into the thoughts of The Sandbox executives on NFTs and the metaverse, and discover the sale of a rare CryptoPunk for $16 million.

Bitcoin NFTs Take the Lead in Weekly Sales, Overtaking Ethereum

Bitcoin-based NFT collections have exceeded Ethereum NFTs in terms of weekly sales following a surge in volume driven by the popular NodeMonkes collection. The sales of Bitcoin NFTs have reached a total volume of $169.5 million, marking an 80% increase compared to the previous week. On the other hand, Ethereum, which has been the leading blockchain for all-time NFT sales, recorded $162 million in sales during the same week.

Uncategorized Ordinals, which refer to NFTs that are not part of any collections, have accounted for the highest number of sales, with a total volume of $43 million across 47,000 transactions. The NodeMonkes collection followed closely behind with $41 million in sales volume.

Ordinals Trader Retrieves Bitcoin After Mistaken NFT Purchase

A trader using Bitcoin Ordinals was able to recover their funds after accidentally purchasing an NFT worth $13,000. On March 1, the trader shared their story on X, urging the community to double-check their transactions. Fortunately, the original owner of the NFT came across the post on X and offered to repurchase the NFT.

Dan Anderson, the seller of the NFT, agreed to buy back the asset at its original sale price. Anderson explained that they had listed the NFT for 0.21 BTC (equivalent to approximately $13,000 at the time) because they believed it was valuable, not to exploit any accidental purchases.

Coachella and OpenSea Unveil NFTs with Festival Benefits and Memorabilia

The renowned arts and music festival, Coachella, has partnered with OpenSea to release NFTs that offer exclusive benefits during the highly anticipated event. The festival recently announced that its 2024 edition will feature three NFT collections. These NFTs will serve as passes to access exclusive experiences and merchandise.

The NFTs will be hosted on the Avalanche network and will be released in three separate drops. Each collection will combine Coachella’s unique artwork with additional perks, such as access to exclusive areas for holders.

The Sandbox’s Collaboration with Major Brands and Artists Drives Metaverse Resurgence

During the NFT Paris event, The Sandbox’s co-founder Sébastien Borget and CEO Arthur Madrid spoke with Cointelegraph’s Gareth Jenkinson about the platform’s renewed popularity and its partnerships with renowned brands like Lacoste and Gucci.

Madrid dismissed the notion that the metaverse is no longer relevant, emphasizing that their metaverse, which incorporates crypto, NFTs, and avatars, holds significant value. Meanwhile, Borget highlighted their focus on empowering creators to generate new content experiences.

Rare Alien CryptoPunk Fetches $16 Million in Ethereum

In a remarkable sale, a rare alien-like CryptoPunk has become the second-highest selling Alien CryptoPunk NFT, with a bid of 4,500 Ether (ETH) on March 4. The bid, amounting to $16 million, was accepted, and the CryptoPunk #3100 was awarded to an anonymous bidder.

This NFT holds immense value due to its rarity, as it is one of only 10,000 in the highly sought-after CryptoPunks collection. Furthermore, there are only nine Alien CryptoPunks ever created.


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