An extraordinary sequence of events is unfolding in the NFT realm of the Bitcoin network, where the floor price of the NodeMonkes collection has surged by over 50% in the last 24 hours. This surge has drawn significant attention from both the crypto community and digital artists, propelling NodeMonkes to the forefront of the industry. As depicted in market cap charts, it has even surpassed the previously dominant Bored Ape Yacht Club (BAYC), setting a disruptive precedent in the NFT space. This trend has been the talk of the town since Monday morning, capturing the interest of many.

By 11:00 a.m. Hong Kong time, the floor price of NodeMonkes had spiked by 53.3%, reaching 0.83 BTC (equivalent to $55,890), thereby elevating its market cap to approximately $558.9 million. With this surge, NodeMonkes has become the second-largest collection in terms of market cap, trailing only behind CryptoPunks, which boasts a market cap of $1.76 billion. In contrast, BAYC's market cap stood at $490.9 million.

NodeMonkes also witnessed a substantial increase in its 24-hour sales volume, which surged by 140.8% to an impressive $5.1 million, according to data from CryptoSlam. Additionally, Runestone, another NFT project, experienced a 40.7% increase in its floor price, reaching $306.5 million, placing it sixth in terms of market cap.

Nick Ruck, COO of ContentFi Labs, highlighted another aspect of this trend, suggesting a shift in NFT traders' preferences from Ethereum (ETH) to Bitcoin NFTs. He noted that projects like Runestone and NodeMonkes have attracted a large number of buyers and fans, while many BAYC members sold their NFTs at a loss due to decreased demand.

This trend may indicate a move towards greater gas efficiency and alleviating congestion on the Ethereum network, which has been overwhelmed by the NFT market. Meanwhile, the NFT marketplace on the Ethereum platform has seen a decline in trading volumes, with February trading volumes dropping to USD 786.5 million from USD 867.8 million in January, and a similar trend continuing into March with only USD 503.1 million realized so far.

The rapid rise of projects like NodeMonkes and Runestone may signify the beginning of a paradigm shift in the NFT world, potentially leading to increased participation in blockchain-based NFT collections. This presents a significant opportunity for market diversification, attracting artists, collectors, and investors alike.