Bitcoin NFTs outperform ETH and SOL combined in trading volume ahead of halving

Bitcoin-based non-fungible tokens (NFTs) in the shape of Inscriptions are in the highlight because the community halving occasion looms nearer.

Data from CryptoSlam signifies that Bitcoin NFTs have dominated the market, representing 55% of complete NFT trades noticed over the previous week. The trading volume of Bitcoin NFTs in the previous week has outstripped that of Ethereum and Solana combined.

Bitcoin NFT gross sales surged by 96% throughout this era, reaching $176.8 million. Notably, 4 out of the highest 5 best-selling NFT collections for the week have been based mostly on Bitcoin Ordinals. Ethereum trailed with $62.2 million in gross sales, whereas Solana recorded $41.9 million.

Prime trading Bitcoin NFTs

Uncategorized Ordinals led the gross sales, with over $55 million value of digital property bought in greater than 53,000 transactions.

Ordinals allow customers to embed information, resembling photos, into satoshis (sats), the smallest Bitcoin unit. Since its launch in January 2023, over 65 million inscriptions have been made on the community.

The meme coin PUPS is second, with gross sales exceeding $44 million, because of the anticipation of the upcoming Runes Protocol.

Moreover, NodeMonkes and WZRD BRC-20 secured the third and fourth spots, every with over $10 million value of trades.

What’s driving volume?

DWF Ventures, a enterprise capital agency, attributed the exponential rise in Ordinals volume to the approaching Bitcoin halving occasion and the upcoming launch of the Runes Protocol.

The agency additional defined that distinguished NFTs resembling NodeMonkes, BitcoinPuppets, and QuantumCatsXYZ drive this surge in Bitcoin NFTs volume.

The Bitcoin halving occasion, scheduled for April 20, will cut back miners’ rewards to three.25 BTC.

Then again, the Runes Protocol goals to be the fungible counterpart of Ordinals. It makes use of the Unspent Transaction Output (UTXO) mannequin to facilitate the creation, naming, and switch of digital commodities solely inside the Bitcoin community.

In the meantime, this development coincides with Binance’s surprising choice to stop help for Bitcoin NFTs on its platform.

Nonetheless, NFT merchants have swiftly migrated to different platforms like Magic Eden, the place Bitcoin NFTs account for greater than half of the whole cross-chain volume, as reported by a Dune Analytics dashboard curated by Sealaunch.

Talked about in this text

DailyBlockchain.News Admin

Our Mission is to bridge the knowledge gap and foster an informed blockchain community by presenting clear, concise, and reliable information every single day. Join us on this exciting journey into the future of finance, technology, and beyond. Whether you’re a blockchain novice or an enthusiast, is here for you.
Back to top button