As the Bitcoin network approaches its halfway event, Bitcoin-based non-fungible tokens (NFTS), especially in the form of tokens, are gaining significant attention. Recent data from CryptoSlam shows that Bitcoin NFTS accounted for an impressive 55% of total NFT trades over the past week, surpassing the combined trade volume of Ethereum and Solana.

In the past week, Bitcoin NFT sales increased by 96%, reaching a total of 6,176.8 million. Notably, four of the top five selling NFT collections were based on Bitcoin ordinals, while Ethereum and Solana reported sales of $62.2 million and $41.9 million, respectively.

The leading Bitcoin NFT collection

Sales of unclassified ordinals led the charge, raising more than $55 million from more than 53,000 transactions. Ordinals allow users to embed files, including images, in Satoshis (SATS), Bitcoin’s smallest unit. Since their introduction in January 2023, more than 65 million inscriptions have been recorded on the network.

Following in second place are memecoin Pebbles, with over $44 million in sales fueled by the excitement surrounding the upcoming Runs protocol. Additionally, Nodemonix and WZRDBRC-20 took the third and fourth positions, each crossing the $10 million trade mark.

Factors driving volume growth

DWF Ventures, a venture capital firm, attributes the significant increase in Ordinals trading volume to the bitcoin halting event and the upcoming launch of the Runs protocol. The halving, scheduled for April 20, will reduce miners’ rewards to 3.25 BTC.

The RUNS protocol aims to complement Ordinals by providing a fungible counterpart, using the Unstructured Transaction Output (UTXO) model, exclusively for creating, naming and transferring digital assets on the Bitcoin network.

This surge in activity coincides with Binance’s unexpected decision to withdraw support for Bitcoin NFTS on its platform. However, NFT traders have quickly migrated to other markets such as Magic Eden, where Bitcoin NFTs now represent more than half of the total cross-chain volume, according to a Done Analytics dashboard produced by Celaunuch.

Frequently Asked Questions About Bitcoin NFTS and Trading Volume (General Questionnaire)

1. What is the recent trend observed in Bitcoin NFTS?
Bitcoin NFTs, especially those created by Inscription, have significantly outperformed Ethereum and Solana in trading volume. During the last week they accounted for 55% of the total NFT trade.

2. How much did Bitcoin NFT sales increase recently?
In the past week, Bitcoin NFT sales increased by 96%, reaching approximately $176.8 million in total sales.

3. Which platforms are offering Bitcoin NFT sales?
The top-selling NFT collections were primarily based on Bitcoin Ordinals, with four of the five top-selling collections launched on the platform.

4. How do bitcoin ordinals work?
Bitcoin ordinals allow users to embed files, such as images, in bitcoin’s smallest unit, satoshis (SATS). Since the feature was introduced in January 2023, this capability has led to over 65 million inscriptions.

5. What are the top Bitcoin NFT collections by sales volume?
Popular collections include:

• Ungraded Ordinals: Over $55 million in sales
• Pulps: Sales exceeded $44 million, driven by interest in future runs protocol.
• Nudemonics and WZRDBRC-20: Each crossed the $10 million trade.

6. What is the significance of the upcoming bitcoin hauling event?
The Bitcoin hauling event, scheduled for April 20, will reduce miners’ rewards from 6.25 BTC to 3.25 BTC. This event often leads to an increase in market activity and speculation, which contributes to the current surge in NFT trading.

7. What is Runes Protocol?
The Runs protocol is designed to complement Bitcoin Ordinals by providing a fungible counterpart for creating, naming and transferring digital assets using the Intrinsic Transaction Output (UTXO) model on the Bitcoin network.

8. How has the Binance decision affected Bitcoin NFT trading?
The unexpected return of support for Binance’s Bitcoin NFTS prompted many traders to move to other markets, such as Magic Eden, which now sees Bitcoin NFTs representing half of the total cross-chain volume.

9. Why are Bitcoin NFTs gaining popularity compared to Ethereum and Solana?
The rise in Bitcoin NFTS can be attributed to the upcoming halving event, increased interest in ordinals, and the launch of new protocols such as Runs, which increase the utility and appeal of Bitcoin-based digital assets.

10. Where can I get more information about Bitcoin NFTS and trading?
For more details on Bitcoin NFTS, trading volume, and market trends, users can refer to platforms like CryptoSlam, Dawn Analytics, and various NFT marketplaces like MagicAdd.