Bitcoin-based non-fungible tokens (NFTs) called Inscriptions are gaining attention as the network halving event approaches. Data from CryptoSlam shows that Bitcoin NFTs have dominated the market, accounting for 55% of total NFT trades in the past week. The trading volume of Bitcoin NFTs surpassed that of Ethereum and Solana combined, with sales reaching $176.8 million. Four out of the top five best-selling NFT collections were based on Bitcoin Ordinals, with Ethereum and Solana trailing behind.
The top trading Bitcoin NFTs include Uncategories Ordinals, which saw over $55 million in sales through more than 53,000 transactions. Ordinals allow users to embed files like images into satoshis (sats), the smallest Bitcoin unit. Since its launch in January 2023, over 65 million inscriptions have been made on the network. Other popular Bitcoin NFT collections include PUPS, NodeMonkes, and WZRD BRC-20, each recording millions of dollars in trades.
DWF Ventures, a venture capital firm, attributes the significant increase in Ordinals volume to the approaching Bitcoin halving event and the upcoming launch of the Runes Protocol. Prominent NFT collections like NodeMonkes, BitcoinPuppets, and QuantumCatsXYZ are driving the surge in Bitcoin NFTs volume. The Bitcoin halving event, set for April 20, will reduce miners’ rewards to 3.25 BTC, while the Runes Protocol aims to create a fungible counterpart to Ordinals using the Unspent Transaction Output (UTXO) model within the Bitcoin network.
The growth in Bitcoin NFT trading coincides with Binance’s decision to cease support for Bitcoin NFTs on its platform. However, traders have quickly shifted to other platforms like Magic Eden, where Bitcoin NFTs make up more than half of the total cross-chain volume. The latest Alpha Market Report highlights the increasing popularity and trading volume of Bitcoin NFTs, driven by the upcoming halving event and the innovative Runes Protocol. Traders are eager to capitalize on the potential of Bitcoin-based NFTs as they continue to outperform other digital asset collections in the market.
