Bitcoin NFTs dominate the crypto market, accounting for 55% of all NFTs trades last week. Sales of Bitcoin NFTs surge 96% to $176.8 million, with Bitcoin Ordinals leading the way. This significant growth demonstrates the increasing popularity of Bitcoin NFts.
Ethereum and Solana trail behind in sales, with $62.2 million and $41.9 million respectively.
The rise of Bitcoin ordinals: A new frontier for digital assets
Ordinal digital assets are booming, with $55 million in sales and 53,000 transactions. They allow users to attach files to tiny Bitcoin units called satoshis.
PUPS, a meme coin, came in second with $44 million in sales, thanks to Runes Protocol hype. NodeMonkes and WZRD BRC-20 also sold over $10 million each.
Bitcoin NFTs on Fire: Halving Event and Runes Protocol Fuel Growth
DWF Ventures, a venture capital firm, says the sudden increase in Ordinals is due to two big events: the upcoming Bitcoin halving and the launch of the Runes Protocol. Popular NFTs like NodeMonkes, BitcoinPuppets, and QuantumCatsXYZ are driving this growth.
1/ The Bitcoin Halving is fast approaching in a few days!
— DWF Ventures (@DWFVentures) April 15, 2024
The ecosystem has been buzzing with activity, particularly around Ordinals and Runes.
Let's dive in 👇🏽 pic.twitter.com/lmJvJfXrH5
The Bitcoin halving event on April 20 will reduce the reward for miners to 3.25 BTC. On the other hand, the Runes Protocol is a new system that will allow for the creation and trading of digital assets within the Bitcoin network.
Despite Binance’s surprise decision to stop supporting Bitcoin NFTs, the growth continues. This shows the strong demand for Bitcoin NFTs, and the Runes Protocol is expected to further boost this growth.
More read: Crypto Expert Says That If This Occurs, Solana’s Price Might Go Up 80%
